Droom hosts its 3rd annual e-commerce day for management students and budding entrepreneurs

2024-04-16 08:28:46 Events / Trade Shows

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New Delhi, May 06, 2017: Droom, India?s pioneering online automobile transactional marketplace hosted its 3rd annual e-commerce day at its headquarters in Sector-15 Gurugram on 06-05-2017. The event gave those with a burning entrepreneurial ambition a chance to interact with Droom?s Founder and CEO Sandeep Aggarwal. His valuable insights for participants, ranging from MBA and engineering students to budding entrepreneurs, as well as those of the Droom team opened up new ways of thinking and offered a real-world picture to aspirational entrepreneurs about what it takes to build and sustain a successful e-commerce company.

The number of digital buyers in the Asia Pacific region is expected to cross the one billion mark by 2018, and India is going to be a major contributor to it. From the total internet users in India, almost 70.7% are predicted to have made online purchases by 2018-19. With retail e-commerce projected to grow from around USD 16 billion in 2016 to USD 100 billion in 2021, events such as the Droom e-Commerce day prove to be extremely beneficial for those considering a career in the high growth online commerce landscape.

Commenting on the event, Sandeep Aggarwal said, ?The agenda of the e-commerce day in our minds was to facilitate the future entrepreneurial generation by sharing our story, journey, mistakes and learnings with them. The idea is to help them on their own path to glory. The younger generation can bring a revolution with their confidence, risk taking abilities and their innovative ideas. The onus is on the ones who have experience to give wings to their dreams and fuel the fire within them.?

The e-commerce industry is likely to generate 2.5 lakh jobs in online retail during FY 16-17. Thus, it was the best opportunity for aspiring entrepreneurs as well as students from prestigious institutions such as IIFT, MDI, SIBM, IIM, XLRI and many more to get a first-hand view of the environment at one of India?s most successful start-ups and get all the inside scoop on building a successful e-commerce business.

About Droom:

Droom is India?s first and only marketplace for buying and selling new and used automobiles. The platform has four marketplace formats i.e. B2C, C2C, C2B and B2B, and three pricing formats - Fixed Price, Best Offer and Auction. The platform offers wide range of categories from bicycle to plane and all automobile services such as warranty, RSA, insurance and auto loan. Droom uses data science to build trust at scale with a US Patent technology called Full Circle Trust Score. Droom has built also the de-facto pricing standard for used vehicles in India ? OBV, which has a US patent. Droom has built the entire ecosystem for India so that the transaction for used automobiles can take place with least degree of information asymmetry and morale hazard.

Droom is not only the largest online automobile platform in India but also the 5th largest E-commerce company in India in terms of GMV. The automobile platform is category, seller, price, condition, and geography agnostic. It has built tech and data science heavy tools to create the entire ecosystem around used automobiles, including OBV (pricing engine), Eco (121 points vehicle inspection), History (200 mil vehicle history), Discovery (dozens of pre-buying tools) and Credit (India?s first and only loan marketplace for used vehicles).

Droom is currently doing $408 mil in annualized GMV growing at the rate of 350% Y/Y, 109k auto dealers (largest auto dealers platform in India), presence in 500 cities across India (largest hyper local marketplace), 14.5 mil+ monthly visitors, nearly 5 mil app downloads and 4.2mil Facebook community.

Droom has the best unit economics as compared to any other E-commerce platform in India. The company spends less than 5% of GMV to run marketing and the entire cost of the company is less than 4% of GMV in terms of the net burn. Droom is the only E-commerce platform which has successfully built the cost advantage and sophistication of the tech platforms with the strong data science layer, nobody else has been able to do it in India.

Droom is founded by Sandeep Aggarwal, who previously founded ShopClues at his house in California in Oct 2010, which became 5th Unicorn in India by January 2016. Droom is a Singapore Holding Company with its subsidiary in India and United States. Droom has so far raised close to $45 million dollars in four rounds of funding. Droom is head quartered in Gurgaon, India with a team size of 250+.