19June

Online car marketplace Droom gets

Series B funding from Beenext,

Digital Garage, others

Teruhide Sato, creator and previous CEO of Japanese e-commerce company and investor firm Beenos Inc. (formerly Netprice), had set up equity capital fund Beenext in September 2015 targeting investments in early-stage companies in India, South East Asia, Japan and the US.

The brand-new funds will be used for broadening to newer markets, employing more individuals, establishing the innovation platform, it stated in a statement.

Droom Technology Pvt. Ltd, which runs the platform, raised Rs 100 crore ($16 million) in Series A funding from equity capital firm Lightbox and Japanese e-commerce firm Beenos in July in 2014.

We have been witnessing remarkable development over the past 16 months in terms of adoption by sellers, number of classifications and listings, and geographical presence in 142 cities throughout India, and GMV/transactions, stated Sandeep Aggarwal, founder and CEO, Droom.

Aggarwal established Droom in April 2014. He had actually previously established online marketplace ShopClues, which too was backed by Beenos. Aggarwal has actually also backed start-ups such as Shopsity, which connects offline merchants to customers, besides mobile wholesale market Wydr.

In the online utilized automobiles offering space, Droom takes on players such as Truebil, Zoomo, CarDekho (which got Gaadi.com), Carwale and CarTrade in addition to horizontal people-to-people platforms such as OLX and Quikr.

In January this year, online jewellery seller Melorra had raised $5 million (around Rs 33.4 crore) from financial backing firm Lightbox Ventures.

Beenext had just recently funded WorkIndia, a task portal for blue-collar employees. Beenext and Digital Garage, along with Beenos, had actually just recently taken part in the Series B funding round of Bangalore-based NoBroker Technologies Solutions Pvt Ltd, which runs a peer-to-peer property listings company for leasing houses under NoBroker.com.