Tag: Droom

Indian used vehicle sales gains momentum: Droom reports
Business

Indian used vehicle sales gains momentum: Droom reports

Jun 3, 2022 by Agency 0 Comments #Droom, #Indian used vehicle, #Sales

Droom, India’s pioneering automobile e-commerce platform today revealed that the company has witnessed a CAGR of 44% between 2019 & 2021 and has showcased a steep growth of 58% in 2022 (YTD) owing to the increase in used vehicle adoption during the pandemic.

The Indian online used vehicle market was valued at INR 154 billion in FY21 and is projected to reach INR 1,994 billion by FY26, registering a CAGR of 66.9%. Used automobile markets online penetration is expected to be close to 10% by FY26 which is at approximately 2% currently. This projection is the outcome of the shift in customers’ preference towards buying of used vehicle online, preference of personal mobility override sharing, unwarranted physical dealership, and availability of multiple price options in used vehicles. Moreover, due to the uncertain economic environment post-COVID-19, used vehicles are witnessing even stronger demand.

In its latest report, droom also revealed that the used car market is one of the best performing categories in the automobile industry. Few of the key factors that are driving the growth of India’s fast-evolving used vehicles market includes migration from BS4 to BS6 which resulted in hike of new vehicles prices, semiconductor chip shortage and lack of clarity on EV infrastructure.

Speaking on the report, Sandeep Aggarwal, Founder and CEO, droom, said, “The used vehicles market is topping all charts and is now one of the hottest categories in the current times. While Droom has always been on a growth journey, it is still surprising to see this market flourishing at an unprecedented pace. Pandemic turned out as a blessing in disguise for the used vehicle industry and has shifted consumers preferences towards used vehicles vs new vehicles. We expect this growth to continue in the upcoming months and hope that more and more consumers will make the most of this fast-growing market.” 

Droom has been offering a wide range of 15+ automobile categories starting from bicycles to planes to commercial vehicles to earth moving vehicle to EVs and many more on its platform. Droom has 300K+ on time supply of automobile on its platform coming from 1150+ cities across India.

Be Future ready: Droom hosted its 9th Annual E-commerce Day to promote entrepreneurship
Business World, News

Be Future ready: Droom hosted its 9th Annual E-commerce Day to promote entrepreneurship

Jun 23, 2021 by Rekha Nair 0 Comments #Droom, #Founder and CEO, #Mr. Sandeep Aggarwal

New Delhi: Following its tradition to create a highly anticipated and exclusive entrepreneurial opportunity for the budding entrepreneurs and e-commerce enthusiasts, Droom, India’s pioneering online automobile transactional marketplace, hosted its 9th edition of its annual E-commerce Day today. The event saw active participation of over 600 attendees from renowned business schools, technical institutes, budding entrepreneurs and e-commerce buffs. The event consisted of numerous sessions, which allowed the attendees to directly interact with Droom’s Founder & CEO, Sandeep Aggarwal and other dynamic leadership members of Droom.

Students from reputed universities / colleges such as IIM Ahmedabad, IIM Kozhikode, IIM Indore, IIM Kashipur, IIM Shillong, IIM Udaipur, IIM Rohtak, IIFT, IMT Ghaziabad, NMIMS, SP Jain, IIT Delhi, IIT Bombay, IIT Roorkee, MNIT, Delhi University Campuses, Bennett University, Amity University participated in the event and learned the nuances of entrepreneurship and the e-commerce industry through multiple fascinating sessions. It was a highly interactive event, filled with pep talks and brainstorming sessions, showcasing Droom’s unicorn journey highlights. Furthermore, through experience sharing sessions, Sandeep and Droom’s leadership shared challenges and potential solutions of their professional journey and advised the young entrepreneurs to build on their ideas & passion. At the event, Sandeep continuously emphasised the role of new-age technologies and transformation brought by digital and modernistic approach in all industries and domains. It is no surprise that the inspirational journey of Sandeep along with the brand itself, ignited an entrepreneurial spirit inside the young entrepreneurs.

In his keynote address, Mr. Sandeep Aggarwal, Founder and CEO, Droom, said, “We are very happy to see the response and participation of the young and budding entrepreneurs for the 9th edition of Ecommerce Day. It is heartening to see that young minds are ready to take the baton forward to ensure the continuation of the ongoing digital revolution in the country. Our annual meet-up of e-commerce day event is planned to ensure that the youth are armed to take on any hurdle that comes their way and make the most of this growing industry. We feel that these young minds of budding entrepreneurs will be making history in the entrepreneurship and economic growth segment of our country, and we plan to back them in all possible aspects”.

The sessions included a panel discussion and a quiz segment. The event concluded with the announcement of contest winners via Twitter and a motivating closing note by Sandeep Aggarwal. The event is continuously receiving positive feedback from the attendees on social media platforms.

Droom's Orange Book Value crosses 500 million pricing queries for used vehicles in India
Business World, News

Droom’s Orange Book Value crosses 500 million pricing queries for used vehicles in India

Jun 1, 2021 by Rekha Nair 0 Comments #Droom, #Founder and CEO, #OBV, #Orange Book Value, #Sandeep Aggarwal

New Delhi: – Owing to the tremendous response for Orange Book Value (OBV) in the market, Droom, India’s largest and pioneering AI-driven online automobile marketplace today announced the new milestone in continued success by Orange Book Value. With approx. 7 million queries received every month, OBV, is India’s second largest AI and Data science-based algorithm pricing engine for used vehicles, that has crossed the colossal figure of 500 million queries since its launch in 2016.

OBV is available in 38 countries, 7 currencies and 11 languages. It has been hailed as a game-changer in the used automobiles transactional sphere, covers a wide spectrum of vehicle categories in its evaluation base-including car, motorcycles, scooters, bicycles and planes – covering 80,000+ unique products from 100+ makes, 1000+ models, and 4000+ variants manufactured in the last 18 to 20 years. As per an OBV adoption survey, nearly 85% respondents claimed they relied completely and solely on OBV to determine the valuation of the vehicle to be purchased to sold.

Commenting on the exponentially rising popularity of OBV, Sandeep Aggarwal, Founder and CEO, Droom, said, “With India’s pre-owned automobile market showing an uptick and accelerating digital adoption, due to rapid urbanization, changing consumer needs and growing internet penetration, the figure of 500 million queries for OBV is an exciting milestone. OBV provides independent, objective and unbiased fair market value of any used vehicle and has reduced search time and search cost for used vehicles and has made buying and selling much easier. The pricing estimate carried out by OBV is the industry de facto standard now and is completely trusted by buyers, sellers, tens of thousands auto dealer and so many banks, NBFCs, and Insurance companies resulting in its immense popularity and adoption”.

He further added, “This success reflects the strong customer trust in the OBV and its emergence as defacto industry standard for used vehicle pricing is due to its independent, objective and unbiased methodology AI and data driven approach”.

The data collected from the 500 million queries received for OBV revealed certain interesting results. According to the data, the two-wheeler category surpasses the four-wheeler category in terms of pricing queries generated. With income rising rapidly and the price of a motorbike being relatively less, first-time buyers with no or small familial responsibilities generally opt for the same. Furthermore, youngsters are attracted to the latest bikes with a high-price range, hence they look to buy used versions of the same in a perfect working condition. The top two-wheeler brands searched included Hero, Honda, Bajaj and Royal Enfield topping the charts. As for four-wheelers, the top brands searched were Maruti Suzuki, Toyota, Mahindra and Hyundai. A major chunk of OBV’s users reside in metropolitan cities such as Bengaluru, which tops the charts of highest traction of OBV city wise. Following Bengaluru are Delhi, Mumbai and Gurugram.

Droom launches #Engage #Teamconnect Campaign for its Employees in association with Dream Girl Foundation: Droom Army Back to the Ground
Business World

Droom launches #Engage Campaign for its Employees in association with Dream Girl Foundation

Mar 4, 2021 by Rekha Nair 0 Comments #Droom, #Founder & CEO, #Sandeep Aggarwal

Gurugram, India: Droom, the largest online Automobile marketplace has unveiled a campaign named #Engage for Droom employees to promote more collaboration and engagement between different stakeholders and departments. Droom encourages employees to connect and collaborate still following the social distancing norms. These meetings will help employees thank people for all the help that they have extended to them to complete work in the COVID era and appreciate each-other efforts. The company operating with a 100% workforce (300+ employees) from Doom Headquarter in Gurugram.

Under the one-week campaign of #Engage, each employee can appreciate the unique qualities of their colleagues on specially designed postcards by Dream Girl Foundation, an NGO working for the upliftment of Girl Child. Droom employees will purchase the handmade postcards from the NGO team to thank each other for their best quality to be supportive during work from Home. Workstations will be full of colourful cards designed by these young girls and words of appreciation put in by colleagues.

The effects of Covid-19 have certainly forced organizations to change their workplace and have changed the way people work, and communicate with their colleagues and clients, but it has not really taken off in a big way as it is considered less productive and exhausting. People wanted to get back to their workplaces for a better outcome with better collaboration and with that Droom decided to perpetuate a common work culture between inter-departments.

Speaking on the campaign #Engage, Sandeep Aggarwal, Founder & CEO, Droom said, “Start-up culture like us is driven by energy and passion at Droom and we are just making sure that people interact and ideate face to face will bring back the energy on the floor. There is a massive need within employees to get back to a sense of pre-pandemic normalcy in their working life and allowed teams to engage in conversations, work on new ideas and connect back with the organization. Also, we need to understand that while cutting-edge technologies are taking over the world, but human intervention will undoubtedly be required. Technology isn’t replacing humans, rather, humans and technology must work together to achieve optimum results.”