Dedicated lending division Droom Credit has already processed 10,000+ loans in last 12 months
Droom, India’s largest and pioneering online automobile transactional marketplace recently acquired Xeraphin Finvest Pvt. Ltd. to further strengthen its dedicated consumer and dealer credit marketplace Droom Credit’s lending capabilities. The division has already processed 10,000+ loans in last 12 months. Droom Credit marketplace boarded many lending partners in its marketplace and some of them are IDFC First Bank, Yes Bank, Tata Capital, Mannapuram Finance, Faircent, Hero Fincorp, Cashkumar, and Lendbox.
Commenting on the step, Sandeep Aggarwal, Founder and CEO Droom said, “We are super excited about the acquisition of Xeraphin. At Droom we have spent the last five and a half years building not only the most advanced transactional platform and tools online for the automobile industry but also the entire 21st-century digital ecosystem with pricing, certification, financial services. Two years back it was clear that we could leverage our strength in massive data we had created, pricing engine, used vehicle certification, vehicle historical records, and auto dealer’s transactional history to build the most advanced marketplace for lending for used vehicles. Xeraphin Finvest’s acquisition will further bolster our capabilities in offering loans at a larger scale, ensuring maximum convenience and minimum hassles for our primary stakeholders, thereby building the narrative of success for Droom further.”
NBFCs are fast changing the traditional lending landscape of India by introducing data-focused lending mechanisms along with sophisticated data capturing and sharing capabilities that can significantly widen the borrower base in India. According to the World Bank, less than 1 in 10 people in low and middle-income countries globally have documented credit history. In such a scenario, Droom’s decision to become a single point seller, as well as credit facilitator, will benefit scores of participants, while setting a new standard in the continuously evolving high-value e-commerce transaction landscape.
About Droom:
Droom is an AI and data the sciences-driven online transactional platform, which offers 21st-century experience in buying and selling of used and new automobiles in India and other emerging markets. Droom has built an entire eco-system around used automobiles for the digital economy, including Orange Book Value (used vehicle pricing engine), Eco (1,000+ points vehicle inspection), History (history records for used vehicles), Discovery (dozens of pre-buying research tools) and Credit (India’s first and only marketplace for a used auto loan and dealer financing). Droom not only caters to individual buyers and sellers, dealers, and large enterprises for buying and selling but also manages the entire life cycle and all automobile ancillary services.
Droom has four marketplace formats i.e. B2C, C2C, C2B, and B2B, and three pricing formats – Fixed Price, Best Offer, and Auction. The platform offers a wide range of categories from bicycle to plane and all automobile services such as Warranty, RSA, Insurance and Auto Loan.
With 80% market share of the automobile transactions online, Droom is India’s largest automobile platform online and 4th largest E-Commerce company. Besides India, Droom is available in Singapore, Thailand, and Malaysia. While OBV is available in 38 countries globally, making OBV world’s number one benchmark pricing engine.
The company is currently generating $1.3 Billion in annualized GMV and growing at a rate of 100% Y/Y. Droom has presence in 920+ cities across India (India’s largest hyper-local marketplace), 300K+ auto dealers (largest auto dealer platform in World), 45 Million+ monthly visitors, nearly 12 Million+ app downloads, and 6.5 Million+ Facebook followers.
Droom’s India headquarter is in Gurugram with a team size of 520+. Droom is a Singapore Holding Company with subsidiaries in India and the United States. The company has so far raised close to $125 Million over six rounds of funding. Some of the prominent investors are Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, and Integrated Assets Management.
