Homegrown start-up Droom is planning to introduce its Orange Book Value (OBV) platform that allows users to generate a fair market price of used vehicles, in at least two dozen countries by the end of the current year, the company’s founder and CEO Sandeep Aggarwal said.
The Gurugram-headquartered firm is an online marketplace for used automobiles and offers services such as Orange Book Value, Droom Discovery for vehicle research, ECO for vehicle inspection and Droom Credit for financing.
“While we will keep expanding Droom in international markets as announced, we are looking at launching OBV in about 22-25 countries by the end of December this year,” Mr. Aggarwal said.
He added that they were currently eyeing markets in Southeast Asia, West Asia and Europe for this.
“We have done our ground work over legal issues, including data laws, in these countries… the work is almost done on creating vehicle catalogues in different languages.” Droom recently launched its range of services in Thailand – its third international market after Malaysia and Singapore. Mr. Aggarwal said that the company’s had crossed a total of 48 million visitors in monthly traffic, of which about 12% was from the international markets. He added that share of OBV in the total monthly traffic was about 12 million.
Monthly traffic
“We expect the monthly traffic to grow from 48 million to 100-120 million in the two years. With the launch in more markets, the monthly traffic for OBV should be 30-35 million in the same period,” he said. Droom has raised about $125 million in funding till date from investors, including Toyota Tsusho Corporation, Digital Garage, Beenext, Beenos and Lightbox.