Investment in Droom Technology Pvt. Ltd., operator of India's largest online automobile* marketplace
-Aiming for joint expansion of used car and motorcycle marketplace business in emerging markets-
Toyota Tsusho Corporation (hereinafter: "Toyota Tsusho") announces the company's investment In Droom Technology Pvt. Ltd. (hereinafter: "Droom"), the operator of India's largest online automobile marketplace by co-leading Series D fund raising of the company.
The companies have also concluded a memorandum of understanding on the overseas expansion of the used car and motorcycle marketplace business.
In India's automobile market that is growing alongside the country's economy, Droom's online marketplace provides an online platform for secure transaction between buyers and sellers.
Its independently developed mechanism ensured greater transparency for vehicle conditions, sales prices and seller credibility of the seller, which are matters of anxiety for consumers when buying used vehicles or motorcycles. It thereby grew into the country's largest online automobile marketplace in roughly three years since its establishment.
Toyota Tsusho operates used vehicle sales and service business both within and outside of Japan. Recently, it has enhanced its initiatives in the business, including entering the used vehicle distribution business.
With the investment and conclusion of a MOU, Droom's expertise in the online marketplace business and Toyota Tsusho's assets and knowledge in business related to automobile sales will be combined to foster expansion into the overseas used vehicle and motorcycle marketplace business in emerging nations, where demand is expected to grow. At the same time, the developments are expected to contribute to greater transparency in transactions in the used vehicle and motorcycle marketplace business.
Toyota Tsusho will continue to strengthen its efforts in building the value chain for used vehicles and other automobiles in the future.
Company profile of Droom
|Droom Technology Pvt. Ltd|
Business head office
Date of establishment
|Founder & CEO Sandeep Aggarwal|
|Automobile online marketplace business|