Online automobile marketplace, Droom Technology Pvt. Ltd, has raised $20 million in a Series C round led by Integrated Asset Management (Asia) Ltd and Digital Garage Inc.
The funding round also saw participation from existing investors Lightbox India Advisors Pvt. Ltd and Beenos Asia Pte. Ltd, as well as institutional investors and family offices from China, Hong Kong and Taiwan.
Integrated Asset Management is a subsidiary of a Hong Kong-based private investment firm having interests in private debt, buyouts, venture capital, listed securities and real estate.
According to a company statement, the new capital will be used to build its tech platform and beef up its presence in the market, besides facilitating greater adoption of its ecosystem tools, including History, ECO, OBV and Credit.
Sandeep Aggarwal, Founder, Droom, said, "The fresh capital infusion into our war chest will once and for all give us an unchallenged competitive edge, not just in the online automobile space, but also in the e-commerce landscape at large."
Since its launch in April 2014, Droom has raised $65 million of external funding. In July 2016, it had raised an undisclosed amount in a Series B round from venture capital fund Beenext, Japanese internet company Digital Garage, Lightbox and Beenos, besides others.
The company has also set aside $8-10 million for possible all-cash acquisitions, and is betting big on its credit services to achieve profitability.
Aggarwal added, "Going ahead, Droom Credit will contribute higher than any other vertical in terms of revenue. Within two years, we would like to see about one-third of Droom as a fintech company. The vertical is in its second month now, and we already have more than one dozen NBFCs and banks working with us, generating more than 10,000 leads."
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