Droom Forays Into The New vehicles Segment On Its Marketplace

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Droom, India’s online automobile transactional marketplace for pre-ownded vehicles, has now started selling new vehicles also. They have tied- up with leading brands such as Nissan, Chevrolet, Skoda, Mahindra and the Hero Electric Presently, automobiles from all the other brands except Mahindra are available in Delhi-NCR region while Droom facilitates buy/sell of Mahindra vehicles on a Pan-India basis.

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To make it attractive to buy the new vehicles on its marketplace, Droom is bringing unique innovations to the new category that will include a bank loan of 50% of vehicle value pre-approved, door-step test drive and a slew of other goodies to various gift vouchers. Droom has also made the loan approval process short. The pre-requisites for loan application involve proof of Indian citizenship, birth/age proof for verification as an adult, 18 months of service/profession/business history and a government photo-id.

Commenting on the announcement, Mr. Sandeep Aggarwal – Founder and CEO, Droom said, “After 18 months of successfully selling 30k used vehicles and generating a revenue of INR 1200 crores annualized GMV and growing 700% year on year, we are proud to finally be a part of the new vehicle market. Earlier we wanted to focus on the used-vehicle segment and change the way it functions through the use of digital tools. In the same vein, we want to know create a paradigm shift in the still conventionally-run new vehicle sector and bring about a positive disruption for the benefit of the end consumer.”

According to Droom, “about 50% of the online target-user traffic generated in the automotive space is being handled by Droom. To create a wider customer base, various offers such as an iPhone 7 and iPad are also being bundled in, to enhance purchase propensity in the initial phase of launch. The new automobiles are sold at Droom with basic listing prices and qualify the Droom Orange Book Value Excellence evaluation parameters. Equipped with allied services such as instant auto loans and vehicle insurance, Droom is looking to set new benchmarks in the Indian automobile market with this foray.”

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