Droom extends fair price assessment tool service for used mobiles

MUMBAI: Online marketplace for used cars Droom has extended its fair price value assessment tool, Orange Book Value for used mobile phones. ‘OBV for Mobile’ uses artificial intelligence to analyse the make, model and condition of a mobile phone before arriving at a fair price value for the same.

Currently in pilot mode, the service is available across all 500 cities where Droom has presence. Droom claims the orange book value service contributes almost 30% of its traffic generating over 10 million from its overall traffic of 31.2 million visitors.

For the mobile phone segment, the service will be moetised through a licensing model as also on the basis of lead generation. “We intend to license our technology to large horizontal ecommerce players who can then offer it to their buyers and sellers and also mobile OEMs and other resellers. Besides, we have a lead generation where large resellers can use ‘OBV for Mobile’ for leads and pay us on a per-lead basis,” said Sandeep Aggarwal, Founder and CEO of Droom.

While Droom did not share details of the new service’s contribution to volumes or revenues, Aggarwal expects that the mobile segment will contribute upto 5% of the company’s revenues over the next 1 year.

Droom claims to have an annualized gross merchandise value of Rs 3,756 crore with an annual growth rate of 225%. Droom is targeting net profitability by 2018 end.