Automobile marketplace Droom.in partners with Toyota Tsusho Corporation, a member Toyota Group, and Digital Garage of Japan, to enter South East Asian market. The company will leverage Toyota’s dealership network, inventory and leadership for their international expansion. The countries are Indonesia, Thailand, Singapore, Malaysia, Myanmar, Cambodia and Vietnam.
Droom.in will be operational in Indonesia and Thailand or Malaysia by the fourth quarter. Sandeep Aggarwal, founder & CEO, said by mid 2019 they will be operational in five countries. Major challenge, Aggarwal, said is in offering localised services like choice of language and right Human Resources.
The online marketplace has raised around $30 million (Rs 200 crore) in Series D from Toyota Tsusho Corporation.
Besides, investors such as Ellison Investments, an Asia-based investment manager, as well as many existing investors and a number of prominent institutional investors and family offices from China, Hong Kong and SE Asia participated in this round. With this round, the Droom’s total funding, since its inception in 2014, stands at $93 million (Rs 623 crore approximately).
The newly raised funds will be used to further strengthen Droom’s domination in the online automobile marketplace segment in India, where it currently owns nearly 70% market share, as well as to make its ecosystem service tools more scalable and to expand its international presence, the company said in a statement. Part of the funds would be used to invest in further developing its Machine learning and AI capabilities.
Source: The Hindu