Founded in November 2014 by Sandeep Aggarwal, who also founded ShopClues in 2011, Droom is an AI driven online marketplace for buying and selling used and new automobiles.
Droom founder and CEO Aggarwal told ET that with the pandemic accelerating online auto purchases, the proportion of transactions closed via digital platforms is projected to increase to 7% of total sales in the next five years from the current 0.7%. “We have seen massive digital adoption during the pandemic. Consumers today do not want to opt for ride sharing, they want personal vehicles. At the same time, they want to avoid physical stores, triggering sales online,” he said.
Unlike the first wave of the coronavirus outbreak, when businesses had to shut shop amid a national lockdown, operations have been more resilient during the second wave of the pandemic. Droom recorded its highest ever GMV at $ 144 million in June 2021 to close last quarter with total GMV of $ 400 million – lower than original estimate of $500 million for Q2CY2021.