Droom, the India-based automotive e-commerce platform backed by carmaker Toyota and internet company Digital Garage, has secured $30m in series E funding, the Economic Times has reported.
The round was led by the family office of Joe Hirao, the founder of Japan-headquartered digital lifestyle media company Zigexn. It included an undisclosed second investor ET speculated could be the family office of the founder of a Japan-based car dealership chain.
Droom runs an online marketplace where users can buy and sell cars, motorcycles, bicycles and aircraft. Sandeep Aggarwal, Droom’s CEO, told ET it will put the funding toward expanding its automotive financing offshoot, Droom Credit.
“The latest round will help us in our expansion goals and accomplishment of our growth objectives and scaling up our technology to build efficiency,” he added. “A substantial portion will also go towards building up Eco, the company’s automobile inspection services.”
The round boosted Droom’s funding to almost $125m altogether and came after a $30m series D in May this year that was co-led by Toyota’s trading arm, Toyota Tsusho, and Digital Garage that valued the company at about $550m according to ET.
E-commerce platform Beenos, Ellison Investments, Lightbox, Beenext and two unnamed Hong Kong-based family offices also contributed to the series D round.
Beenos and Lightbox co-led Droom’s $15.6m series A round in 2015, and the latter joined Beenext for a $30m series B the following year. Integrated Asset Management then led a $20m series C in July 2017 that included Digital Garage, Beenos, Lightbox and Beenext.
