Droom (1) is one of the largest online marketplaces for automobiles in India. It has recently acquired Visiolab Ideas, a Delhi-NCR based AR startup. However, the acquisition amount has remained undisclosed.
With the latest acquisition, Droom has introduced an AR-VR lab on its platform. It would enhance the experience of its customers while researching for vehicle purchases. As the agreement of the acquisition, both founders of the firm would join the Droom team.
Droom will leverage the Augmented Reality and Virtual Reality technological innovations in addition to AI, Machine Learning, and Big Data tools. Droom would offer a live virtual tour of automobiles to its customers on 3D with the acquisition. Notably, last year the firm had designated 50 Crore INR to build new and innovative AI, AR, and VR products.
Droom to Enhance its Capabilities with The latest Acquisition
Akshay Singh, the CSO of Droom, while commenting on the development, stated that Droom is thrilled to embrace Visiolav Ideas as a part of Droom. He added that the firm had built several Industry-leading and technology-focused products. It includes OBV, Droom History, Eco, Droom Discovery, and Droom Credit. It has significantly worked to bridge the gap for purchasing and selling automobiles online.
Navdeep Singh, the Founder, and CEO of Visiolab Ideas, stated that AR, Augmented Reality is the future for the automotive sector and education, healthcare, and all the major market segments.
He added that the Visiolab Ideas’ motivation is to develop the AR technology that could bring the showroom experience to the comfort of customers’ homes. The team is delighted to become a part of the Droom team and contribute to India’s online auto marketplace.
Notably, Droom has 80% of the market share in the automobile transaction online. It has a presence in more than 1031 cities across the country, with over 305K auto dealers and 45 million monthly visitors.
Droom, headquartered in India and a subsidiary in the US, has raised about 125 million USD in more than six funding rounds since its inception. Lightbox, Beenext, Digital Garage, Beenos, Integrated Assets Management, and Toyota Tsusho Corporation are some of the company’s most prominent investors.