Online automobile marketplace Droom Friday said it is making a foray into Thailand to strengthen its international business.
"Droom has now made its ingenious services available across four countries and envisions to further extend its offerings in other nations, as part of its international expansion spree," Droom said in a statement.
Droom, which has raised about USD 125 million in funding till date, counts names like Toyota Tsusho Corporation (a Toyota Group firm) and Japan-based Digital Garage among its investors.
The company said Thailand is the second-largest automobile market in Southeast Asia and is among the top-15 automobile markets across the globe.
"With its rapidly evolving lifestyle, a major share of working middle class, changing consumer needs and aspirations, competitiveness and online and mobile adoption, Thailand proves to be an the ideal market for the segment of used vehicles to thrive in," it added.
Through its sub-division Droom International, the company aims to offer services like OBV (for used vehicle pricing), Droom Discovery (vehicle research), ECO (vehicle inspection), Droom Credit (financing), and Droom History (vehicle historical records) in Thailand.
"We are beyond ecstatic about beginning our operations in Thailand not only because it is one of the largest and fastest-emerging markets but also because it has unlocked several new possibilities for Droom, like helping the organisation develop its abilities to launch the platform in several languages other than English," Droom founder and Chief Executive Officer Sandeep Aggarwal said.
Droom launched its platform in Malaysia in October 2018, Singapore in December 2018, and in India on November 21, 2014.
The company recently crossed a total of 48 million monthly traffic, with close to 12 per cent of this traffic coming from its international markets.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)