India-based second-hand car markerplace Droom has secured between $25m and $30m in series B funding from a consortium featuring internet company Digital Garage, TechCrunch reported today.
Beenext, a fund backed by e-commerce company Beenos, and Lightbox returned for the round after previously co-leading a $15.6m series A round in July 2015.
Founded in 2014, Droom operates an online platform that enables users to sell and buy used vehicles. The platform automatically rates listings based on how much information a seller provides and also offers an on-demand inspection service.
The company claims it is processing 3,500 deals every month.
The money will help Droom expand across Southeast Asia, aiming to enter Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam by the end of 2016.
Sandeep Aggarwal, founder of Droom, said: “What is driving demand is aspirational value as education and income levels rise. Someone who does not have a vehicle might start with a used car that is a hatchback, then a sedan, then a mid-size sedan, then a luxury car.”