New Delhi, 17th July, 2017: Furthering its commitment towards the welfare and support of underprivileged children and woman, Droom, India’s pioneering online automobile transactional marketplace, today organizes a super exciting activity for children on the occasion of Youth Skill day, July 15th. The campaign is a part of Droom’s Founder and CEO, Sandeep Aggarwal Foundation.
The campaign is a daylong event which includes a walk for “Clean Society-Clean India” to promote “Swachh Bharat Abhiyan”, couple of creative activities such as Drawing competition and teaching some mind-blowing magic tricks to children of NGO – ZOE MISSION. These magic tricks were demonstrated and taught to kids by Droom Employees itself. Over 50 kids participated in this event.
The Sandeep Aggarwal Foundation, founded by Droom Founder and CEO, Sandeep Aggarwal is also sponsoring the education of 30 children for a year. The Foundation is also supporting especially abled children and underprivileged women since last year through one of its campaign.
Speaking on the launch of the campaign, Sandeep Aggarwal, Founder and CEO, Droom, commented, “As a thoughtful ‘people’s’ organization which believes in spreading love and joy, we have always been committed towards the welfare of underprivileged children and woman. This is a small step towards that goal. Who knows, through our initiative, there emerges a great artist or a great magician? Many children fail to get wings for their ambitions to take off, due to the lack of opportunities and resources. It is our effort to bridge this gap so that no children are deprived of a livelihood they rightfully deserve.”
Droom is India’s first and only online marketplace for buying and selling new and used automobiles. At over 65% of the automobile transactions market share online, Droom is the largest auto portal in India. Droom is not only the largest online automobile platform in India but also the 4th largest E-commerce company in India in terms of GMV. The automobile platform is category, seller, price, condition, and geography agnostic.
Droom platform has four marketplace formats i.e. B2C, C2C, C2B and B2B, and three pricing formats – Fixed Price, Best Offer and Auction. The platform offers wide range of categories from bicycle to plane and all automobile services such as warranty, RSA, insurance and auto loan. Droom uses data science to build trust at scale with a US Patent technology called Full Circle Trust Score. Droom has also built the de-facto pricing standard for used vehicles in India – OBV, which has a US patent. Droom has built the entire ecosystem for India so that the transaction for used automobiles can take place with least degree of information asymmetry and morale hazard.
It has built tech and data science heavy tools to create the entire ecosystem around used automobiles, including OBV (pricing engine), Eco (121 points vehicle inspection), History (200 mil vehicle history records), Discovery (dozens of pre-buying tools) and Credit (India’s first and only marketplace for used vehicles loans).
Droom is currently doing $554 Mil+ in annualized GMV growing at the rate of 350% Y/Y, 159K+ auto dealers (largest auto dealer platform in India), presence in 500+ cities across India (largest hyper local marketplace), 24 Mil+ monthly visitors, nearly 5.8 Mil+ app downloads and 5 Mil+ Facebook community.
Droom has the best unit economics as compared to any other E-commerce platform in India. The company spends less than 5% of GMV to run marketing and the entire cost of the company is less than 4% of GMV in terms of the net burn. Droom is the only E-commerce platform which has successfully built the cost advantage and sophistication of the tech platforms with the strong data science layer, nobody else has been able to do it in India.
Droom is founded by Sandeep Aggarwal, who previously founded ShopClues at his house in California in Oct 2010, which became 5th Unicorn in India by January 2016. Droom is a Singapore Holding Company with its subsidiary in India and United States. Droom has so far raised close to $45 million dollars in four rounds of funding. Droom is head quartered in Gurgaon, India with a team size of 260+.