SUMMARY
As per the brand Badshah’s participation is important for Droom as it adds credibility, visibility, and a fresh perspective to its initiatives
By leveraging Badshah’s vast online presence, Droom plans to engage with a broader audience and drive traffic to its platform
Founded in 2014 by Sandeep Aggarwal, Droom offers an ecommerce platform where it connects used car dealers with customers
Used car marketplace Droom has raised an undisclosed funding from rapper Badshah as the company seeks to establish itself as a premier brand for millennials and Gen Z.
On the back of this investment, Droom has also partnered with Badshah.
Sandeep Aggarwal, founder and CEO of Droom, told Inc42, “This investment will enable Droom to harness both financial resources and strategic counsel to propel its endeavours forward.”
As per Aggarwal, Badshah’s popularity and social media reach position him as an ideal brand ambassador for Droom. His urban persona resonates with the company’s target audience, particularly millennials and Gen Z consumers.
Speaking about the partnership, Badshah said in a statement, “I have been an auto enthusiast for a long time and impressed by how Droom is solving automobile-related trust, selection and pricing problem.”
The brand highlighted that Badshah’s participation is important for Droom as it adds credibility, visibility, and a fresh perspective to its initiatives.
“By leveraging his vast online presence, Droom can engage with a broader audience, generate buzz around its products and services, and drive traffic to its platform. Badshah’s endorsement and promotion of Droom can lead to increased brand visibility, customer acquisition, and ultimately, revenue growth for the company,” Aggarwal added.
“Droom is changing how automobiles should be bought and sold and spreading that word via a powerful voice like Badshah will help us tremendously. Together we will reshape the future of automotive commerce,” said Aggarwal.
Founded in 2014 by Aggarwal, Droom offers an ecommerce platform where it connects used car dealers with customers. The startup also provides financing through its tie-up with banks and NBFCs.
It is an AI and data science-driven online platform revolutionising the Indian automotive market through its suite of AI-driven marketplaces, products, and services.
The startup primarily earns revenue from commission from buyers, income from seller subscriptions, and advertisement fees.
The startup claims to offer India’s largest selection of automobiles with over 250k vehicles online in 1,174 cities — both used & new, cars & 2-wheelers, and other vehicles too.
Meanwhile, Droom’s India entity halved its loss in the financial year ended March 31, 2023. The startup managed to narrow its net loss by 55% to INR 62.1 Cr in FY23 from INR 137 Cr in the previous fiscal year.
However, its operating revenue also plunged during the year under review. Droom India reported an operating revenue of INR 253.2 Cr in FY23, a decline of 34% from INR 384.6 Cr in the previous fiscal year.
