​Droom acquires Visiolab Ideas to enhance vehicle research and customer buying experience

With this acquisition, Droom will provide a live virtual tour of vehicles to its customers in 3D. Droom allocated Rs 50 crore last year towards building new and innovative products using AI, AR, and VR.

Commenting on the development, Akshay Singh, chief strategy officer, Droom said, "We are excited to welcome the Visiolab Ideas team to become a part of Droom. At Droom we have built Industry-leading technology-focused products like OBV, Eco, Droom History, Droom Discovery, and Droom Credit for bridging the gap in buying and selling vehicles online. This acquisition will further enhance our capabilities in offering delightful customer experiences and a completely online vehicle buying experience."

"Augmented Reality is the future, not just in the automotive sector, but for education, healthcare, and almost all of the major fields in the market. That is what got us in this field and gave us the motivation to develop the technology that could bring the showroom experience to your doorstep, in the comfort of your homes. We are delighted that Droom gave us a platform to contribute towards India’s online auto marketplace," affirmed Navdeep Singh, founder, and CEO, Visiolab Ideas.

The venture claims it is the largest hyperlocal market and the fourth-largest e-commerce company in India in terms of GMV at present. The acquisition of Visiolabs Idea and the establishment of its AR Lab aims to further strengthen Droom’s position as one of the most innovative automotive and e-commerce organizations in India and across the globe.

Droom has four marketplace formats - 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 percent market share of the automobile transactions online, Droom has a presence in 1031+ cities across India, 350K+ auto dealers, 45 million+ monthly visitors, nearly 12 million+ app downloads, and 6.5 million+ Facebook followers.

Headquartered in India with subsidiaries in the US, Droom has so far raised close to $125 million over six rounds of funding. Some of its prominent investors are Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, and Integrated Assets Management.​