Toyota Tsusho, the trading subsidiary of carmaker Toyota, has co-led a $30m series D round for India-based automotive e-commerce platform Droom with internet company Digital Garage.
The round included e-commerce company Beenos, Lightbox, Beenext, Ellison Investments and two undisclosed Hong Kong-based family offices. It valued Droom at between $550m and $700m according to the Economic Times.
Droom runs an online marketplace for cars, motorcycles, scooters and even jets, allowing users to sell items by fixed price, best offer or through an auction. It claims to have a share of the Indian market worth almost 70%.
Proceeds from the round, which took Droom’s overall funding to $95m since it was founded in 2014, will go to international growth and the strengthening of its technology, particularly its ecosystem service tools and artificial intelligence and machine learning capabilities.
The territorial expansion will be fuelled by a memorandum of understanding the company has signed with Toyota Tsusho, which it will assist in Southeast Asia.
Digital Garage and Beenos took part in Droom’s last round, a $20m series C in July 2017 that included fellow existing investors Integrated Asset Management, Lightbox and Beenext.
Droom has initially received $15.6m in a 2015 series A round co-led by Beenos and Lightbox, before raising up to $30m in a mid-2016 series B round.