Automobile industry offers a rich and varied examination of automobiles, automotive culture and design, that shape the industry to inform consumers who are passionate about cars and bikes. When it comes to purchasing a vehicle, there are a number of factors which can influence the decision-making process. Before making the final decision one always considers factors like price, mileage, performance and review of the vehicle. Droom, India’s largest and pioneering online automobile transactional marketplace, started its journey by providing a platform for used vehicles and, to fixes this gaps between the unorganized and non-transparent industry.
The buying and selling experience of used automobiles in India was unorganized, largely due to information asymmetry and a lack of transparency. The innovative company, Droom, was conceptualized to address this fragmented nature of the Indian pre-owned automobile industry by leveraging technology to solve the challenges that exist. It is a digital platform for automobiles which is utilizing technology to address buyer/seller pain points and enable end-to-end transactions through its platform. Droom provides a holistic platform to buy and sell anything on wheels (from bicycles to planes). Droom is the only auto portal in the world to own the entire ecosystem for automobile with marketplace, pricing, inspection, history and fintech tools. Droom is a Singapore holding company, with its subsidiary in India and United States
Person Behind the concept
Droom is India’s first and only online marketplace for buying and selling new and used automobiles. With over 65% of the automobile transactions market share online, Droom is the leading auto portal in India. Sandeep Aggarwal is the Founder and CEO of Droom. It is because of him, Droom has grown to be India’s largest online automobile portal and third largest e-commerce brand in the country. Sandeep is a serial entrepreneur, angle investor, Internet visionary and philanthropist. Sandeep is passionate about ‘Digitizing India and devotes some of his time in mentoring startups, especially on entrepreneurship traits and skills.
Having a Unique Value Proposition
Droom believes that defining the fair price of any used vehicle is a huge challenge, with every buyer/seller using his/ her own discretion to assess the price of the vehicle. The combination of AI with automotive technology has surely been consummated to provide elegant services. Every stakeholder in the automotive industry is looking for a way to capitalize on recent advances in AI technology. Artificial Intelligence is used in thousands of companies around the world and Droom has also made its presence felt. It has launched Orange Book Value popularly known as OBV, is the first algorithmic pricing engine to calculate the fair market value of any used vehicle. OBV makes right valuation of a pre-owned vehicle and has became a de-facto industry standard for evaluating the fair value of used vehicles.
Droom has utilized advanced technology, artificial intelligence and data science to create a range of ecosystem tools for used automobiles, including OBV (pricing engine), Eco (121 points vehicle inspection), History (200 million vehicle history records), Discovery (dozens of pre-buying tools) and Credit (India’s first and only marketplace for used vehicles loans). Several factors such as vehicle report, warranty and seller’s credentials play a critical role in the final purchase decision, especially when purchasing pre-owned automobiles. Based on Droom’s proprietary technologies and algorithms, Droom’s Full Circle Trust Score considered as a critical trust factors such as auto inspection, warranty, and verified seller, attractiveness of pricing for buyer and level of disclosures by the seller. This allows buyers to develop more objective assessment and confidence around the vehicles they are considering for purchase.
Ensuring the Future with Trust and Transparency
Droom gained a 65% market share in online automobile industry transactions. With the spirit of inventing one of its kind technologies and making the experience of buying and selling automobiles online better and smoother, it aims to be the undisputed leader in the online automobile industry in near future. It provides other automobile services such as warranty, RSA, insurance and auto loan. Droom, is enabling customers to buy and sell new and old automobiles, and recetly entered in the category of providing electric vehicles keeping in mind the environmental benefits and it has also tied up with the big players in the industry such as Mahindra, Hero and many others.
The company claims to have a GMV of $650 Mn and has its presence in more than 500 cities across the country. It helps automobile dealers to increase their consumer base and provides them with vehicle checks using its advanced data science algorithms. It charges an annual subscription to dealers and is also looking to earn revenue by introducing automobile credit, which will be provided to the consumer. The company is currently planning for expansion in Southeast Asia and is also looking to get registered on NASDAQ by 2019.