According to the brand, Badshah’s presence is significant for Droom since it provides credibility, visibility, and a new viewpoint for its projects.
Droom intends to attract a larger audience and boost traffic to its platform by using Badshah’s extensive internet presence.
Droom was started by Sandeep Aggarwal in 2014, India’s only tech founder to have founded two unicorns in the last ten years, and is backed by an all-star team led by a senior executive.
It’s an e-commerce platform that connects used automobile dealers with buyers.
Droom, a used automobile marketplace, has secured undisclosed funds from rapper Badshah as it strives to establish itself as a leading brand for millennials and Generation Z.
In conjunction with this investment, Droom has formed a partnership with Badshah.
According to Sandeep Aggarwal, founder and CEO of Droom, “This investment will enable Droom to harness both financial resources and strategic counsel to propel its endeavors forward.” as reported by Inc42.
According to Inc42, Aggarwal believes Badshah’s fame and social media reach make him an excellent brand ambassador for Droom. His urban persona appeals to the company’s target population, notably millennials and Generation Z consumers.
In a statement, Badshah said of the cooperation, “I have been an auto enthusiast for a long time and am impressed by how Droom is solving automobile-related trust, selection, and pricing problems.”
The company stated that Badshah’s presence is vital to Droom since it provides credibility, visibility, and a new perspective on its activities.
“By utilizing his extensive internet presence, Droom can reach a larger audience, build discussion for its products and services, and drive visitors to its platform. Badshah’s endorsement and promotion of Droom may result in greater brand visibility, customer acquisition, and, eventually, revenue growth for the company,” Aggarwal said.
“Droom is transforming how cars are bought and sold, and spreading the word through a big voice like Badshah will help us greatly. Together, we will transform the future of automobile trade,” Aggarwal stated according to Inc42.
The startup also offers financing through its partnerships with banks and NBFCs. It is an AI and data science-driven online platform that is transforming the Indian automobile business with its suite of AI-powered marketplaces, products, and services. The startup’s primary revenue sources are buyer commissions, vendor subscriptions, and advertising fees.
The company claims to have India’s largest selection of autos, with over 250k vehicles available online in 1,174 cities, including both old and new cars, two-wheelers, and other vehicles.
Droom is one of India’s most trustworthy consumer Internet businesses, noted for its unique approach and technology. It is backed by marquee global investors such as Lightbox, Digital Garage, Toyota Group, Recruit, Beenext, Beenos, 57 Stars, and numerous multibillion-dollar family offices in Southeast Asia and Hong Kong.
Meanwhile, Droom’s India subsidiary reduced its loss in the fiscal year ending March 31, 2023. The firm reduced its net loss by 55% to INR 62.1 crore in FY23, down from INR 137 crore the previous year.
However, its operating revenue fell during the year under review. Droom India recorded operational revenue of INR 253.2 crore in FY23, a 34% decrease from INR 384.6 crore the previous fiscal year.
