30 Fastest Growing Companies in Asia 2017
The Silicon Review
The used vehicle market has been a part of the Indian automobile industry for years, but issues like information asymmetry and lack of transparency affected the overall growth of this domain in the past. The unorganized market of pre-owned vehicles hampered the buying and selling experience of used automobiles in India for very many years. Droom Technologies Pvt. Ltd. was conceptualized to address this fragmented nature of the Indian pre-owned automobile industry, by leveraging technology. Droom provides a holistic platform to buy and sell anything on wheels and also provides the entire range of ecosystem services tools related to automobiles, so as to offer an end-to-end experience to its customers.
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, it is the largest auto portal in India. It is not only the largest online automobile platform in India, but also the 3rd largest e-commerce company in India in terms of GMV.
Providing a high trade velocity to the market
Droom has four marketplace formats, namely B2C, C2C, C2B and B2B, and also has three pricing formats - Fixed Price, Best Offer and Auction. It offers an extensive portfolio of categories from bicycle to plane and also offers all kinds of automobile services such as warranty, RSA, insurance and auto loans. It uses data science to build trust at scale with a US Patent technology called Full Circle Trust Score. Droom has also built the de-facto pricing standard for used vehicles in India – OBV, which has a US patent.
Droom has the best unit economics as compared to any other E-commerce platform in India. The company spends less than 5% of GMV to run marketing and the entire cost of the company, which is less than 4% of GMV in terms of the net burn. It is the only E-commerce platform which has successfully built the cost advantage and sophistication of the tech platforms with a strong data science layer.
Offering the best to consumers
Droom offers a comprehensive portfolio for new and used vehicles and has successfully leveraged technology to conceptualize and roll out its ecosystem tools that can offer a better buying experience to the customers. The ecosystem tools utilize the best of technology to meet the business objective of creating India’s largest online marketplace for automobiles and providing end-to-end transaction platform to customers. Its ecosystem tools include:
Commitment to excellence
Droom is very passionate about bringing in great trust in the buying and selling experience for any new or used automobile. What is unique about the company is its focus on delivering end-to-end consumer-centric automobile solutions through technology. Droom offers a truly 21st century experience within the Indian automobile industry through its proprietary innovations such as Orange Book Value, Droom History, Full Circle Trust Score and ECO app. These innovations have allowed it to improve the trust factor associated with buying and selling vehicles online and have heralded a pricing advantage to both buyers and sellers through advanced algorithms and data science. This adds great value to the end-user transactional experience and has served to differentiate Droom from competitors.
Ensuring high standards of consumer experience
Various industry data indicate that the online automobile industry at present is only 0.3% of the overall India automobile market, and is expected to account for 8% of the total by the year 2020. This heavy reliance on traditional, fragmented market approaches brings in many inefficiencies and gaps in the overall transactional experience. This is what Droom is actively trying to eliminate through its tech-based innovative automobile buying and selling solutions.
Droom has always been innovating technologies and has won numerous awards worldwide on prominent national and international media platforms like Red Herring “Top 100 Asia winners”, Forbes Japan “20 Hot Start-ups in India”, PC Quest “Top Tech Start-Up”, Business World, Your Story, Entrepreneur Magazine and many more.
Let’s meet the thought leader behind droom.in
Sandeep Aggarwal, Founder and CEO: Sandeep is a serial entrepreneur, angel investor, internet visionary and philanthropist. He is widely regarded as the ‘Father of marketplaces’ in the Indian Internet ecosystem. He had founded ShopClues, India’s first managed marketplace in 2011, which became 5th Unicorn in Consumer Internet in India. He is also the Founder of Droom, India’s first marketplace for automobiles that was launched in 2014. Droom is the only auto portal in the world to own the entire ecosystem for automobiles with marketplace, pricing, inspection, history and fintech tools.
Sandeep is passionate about ‘Digitizing India’ by mentoring startups and India’s youth, especially on entrepreneurship traits and skills. Sandeep was one of the masters in MTV Dropout, a reality TV show on entrepreneurship that recently concluded its first season.Sandeep has an MBA from Washington University in St. Louis and holds a US patent.