NEW DELHI, Oct 11: Droom, an online marketplace for automobiles, expects its gross merchandise value (GMV) to more than double to Rs 600 crore by the end of this fiscal as it plans on expanding into newer product categories and services.
The Lightbox-backed firm offers a marketplace to sell cars and motorcycles, superbikes and premium cars as well as planes.
“Currently, we are clocking an annualised GMV of Rs 200 crore and we are confident of this growing to Rs 600 crore by March-end (2016)… We have seen a strong traction on both the product and services side,” Droom founder and CEO Sandeep Aggarwal told PTI.
He added the company is also looking at expanding into newer product categories and extending the services available through its platform.
GMV is a term used in online retailing to indicate the gross merchandise value of the products sold through the marketplace over a certain period of time.
“We have services like auto inspection, car care and detailing and roadside assistance and we will soon introduce auto loans. We want to be the enabling platform to help people buy and maintain anything with wheels,” he said.
Founded in April 2014 in Silicon Valley, Droom raised Rs 100 crore funding in Series A, led by Lightbox. The first round of funding for Droom was led by BEENOS.
Aggarwal had earlier founded e-commerce firm ShopClues.
Droom has about 100 employees and will expand its team to 160 people by March next year, hiring primarily to further strengthen its technology platform.
“The current experience of buying and selling an automobile is completely broken, antiquated and full of pitfalls. With our technology-driven marketplace approach, we want to bring in transparency, build trust and mitigate information asymmetry,” he said. (PTI)
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