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<keyword id="2947589" type="General" weightage="100" keywordseo="droom" source="Orion">Droom</keyword>, <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s leading automobile e-commerce platform, which provides the largest selection of automobiles with over 1.4mn+ vehicles listed, has released its annual 'India Automobile Ecommerce Report' reports for Calendar Year (CY) 2022. As per the report, the SUV segment topped the chart in 4-wheelers and Hyundai Creta continued to be the most preferred choice followed by Kia Seltos which made its way up the list quickly becoming the new favourite among buyers. They were followed by Maruti <keyword id="5894046" type="General" weightage="50" keywordseo="suzuki-vitara-brezza" source="Orion">Suzuki Vitara Brezza</keyword>, Toyota <keyword id="3231108" type="General" weightage="50" keywordseo="innova-crysta" source="Orion">Innova Crysta</keyword> and Toyota Fortuner. Bajaj Pulsar emerged as the top preference in 2-wheelers followed by Hero Splendor Plus, Bajaj Pulsar NS, TVS Apache RTR, and Honda CB Shine. In the luxury vehicle segment, the Mercedes Benz E-Class became the most preferred luxury car followed by Jeep Compass, Mercedes Benz C Class and BMW5 Series whereas, in the 2-wheeler segment, Royal Enfield Interceptor came up in ranks and became a hot favourite followed by Harley Davidson Street 750 and <keyword id="480564" type="General" weightage="50" keywordseo="kawasaki-ninja" source="Orion">Kawasaki Ninja</keyword> ZX-10R. The share of an automatic transmission is on a steady rise from CY 2015 when it was 23 per cent to 33 per cent in CY 2022, up from 30 per cent in CY 2021 because of convenience and higher fuel efficiency and EV penetration continues to remain stagnant at 1 per cent of total vehicle sales across categories in India. The share of diesel vehicles fell from 60 per cent in CY21 to 53 per cent in CY22 due to the vehicle scrappage policy barring diesel vehicles older than 10 years from plying on the streets Premiumization is a trend in India heightened by Droom's pure-play e-commerce model, resulting in the average selling price for cars standing at 11.98 lakh and bikes being 55 thousand. This is primarily because physically branded dealers tend to focus only on mass-market whereas Droom caters to mass, mid, premium and luxury segment. Commenting on Droom's annual automobile trend report CY 2022, Sandeep Aggarwal, Founder and CEO, Droom said, "The automobile trend report of 2022 shows steady growth in the overall automobile market. The report indicates an increasing acceptance towards online automobile buying and this will only grow in the coming years. There is also a gradual but steady adoption of electric vehicles which will expand in the coming future." He further added, "Droom has been disrupting and redefining the age-old traditional automobile retailing through its innovative and asset-light ecommerce model. Our technology-driven integrated ecosystem of services has made selling and buying of automobile quick and easy. Droom is one of the largest transactional platforms that compiles data and findings and presents insightful and interesting analysis reports." With a pure-play e-commerce, asset-light, and technology-oriented business model, Droom has a presence in 1174 cities. The platform has seen significant growth in online buying with Delhi, Bangalore, Jaipur, and Hyderabad emerging as the largest markets for online transaction in CY2022. While online automobile selling and buying is prevalent in metro cities, the trend is also catching onto other cities like Bhiwani, Sangli, Ajmer, Sirsa, Gurgaon, Faridabad, Surat and Ghaziabad. The love for white color cars among customers is evident since it is the preferred choice since 2015. Droom offers a 21st-century E-Commerce experience for automobiles. Droom offers India's largest selection of automobiles with over 1.4 million vehicles listed online in 1,174 cities -- both used &amp; new, cars &amp; 2-wheelers, and other vehicles too. For buyers, Droom offers India's finest automobile buying experience online with trust, selection, low price, and convenience second to none. Droom is the market leader in the automobile e-commerce segment and since its inception, Droom has sold over 566K vehicles and served over 2.5 million happy customers with its products and services. Droom is among the most trusted consumer internet brands in India often recognized for its innovative approach and technology and is backed by marquee global investors including Lightbox, Digital Garage, Toyota Group, Recruit, Beenext, Beenos, 57 Stars and many multibillion-dollar family offices in SE Asia and Hong Kong. Droom was founded by Sandeep Aggarwal, the only tech entrepreneur in India who has funded two Unicorns back-to-back (ShopClues and Droom) and is a Singapore Holding Company with its subsidiaries in India and the United States. The company is headquartered in Gurugram, India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/vr-app-allows-users-to-revisit-memories-previously-recorded-on-their-smartphones/articleshow/98275527.cms">This app is straight out of Black Mirror — it lets you capture and revisit memories in virtual reality</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/google-pixel-7-long-term-review-a-premium-camera-centric-device-with-some-caveats/articleshow/98274785.cms">Google Pixel 7 long term review – a premium camera centric device with some caveats</a>

Hyundai Creta, Bajaj Pulsar emerge as the most popular car and bike: Droom report

Three unicorns, hundreds of crore in loss and very little market share — What's the hype around online car retailers?

Strong acceptance of e-commerce and digitisation is expected to accelerate the growth of India's auto sector, advisory firm Grant Thornton Bharat said. Accordingly, India's automobile market is estimated to grow more than '2.3X' from $222 billion currently to $512 billion by 2026. Notably, the analysis by Allied Market Research, Market Line, <keyword id="6354335" type="ORGANIZATION" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> and Grant Thornton Bharat showed that e-commerce portals focused on the automobile market, such as <keyword id="2947589" type="PERSON" weightage="20" keywordseo="Droom">Droom</keyword>, <keyword id="1945738" type="PERSON" weightage="20" keywordseo="Cardekho">Cardekho</keyword>, <keyword id="11077358" type="UNKNOWN" weightage="20" keywordseo="and-olx">and Olx</keyword> have put consumers and the user experience in the spotlight helping the manufacturers attract more users. Besides, the growing base of internet and smartphone users will further boost the digital transformation, and lead to an <keyword id="6374534" type="UNKNOWN" weightage="20" keywordseo="increase">increase</keyword> in expanding the market size of the e-commerce portals. "The strong emergence and acceptance of the online channel have provided an impetus to seamless solutions, price discovery, transparency, digital real-time payments along with certification on the quality of the vehicle for the consumers in the auto sector," said Rahul Kapur, Partner, Growth at Grant Thornton Bharat. According to the analysis report, since last year, Maruti Suzuki saw a five-fold increase in <keyword id="6357824" type="UNKNOWN" weightage="20" keywordseo="sales">sales</keyword> through digital means which now stand at 20 per cent of their total sales. "These changes in consumer's buying and research preferences signal a shift for the auto sector, as Covid19 played a big part in the online channel gaining traction." "Technology-enabled innovations like secure digital payments, hyper-logical logistics, analytics-driven customer engagement, increasing consumer awareness and digital advertisements are likely to support the growth going forward." As per the report, other factors such as rising middle class and young population with increasing disposable incomes will contribute towards growing the sector. Furthermore, ease of owning a vehicle through the availability of multiple financing options as well as reduction in vehicle ownership tenure due to regulatory rules in some states, cited the report as other growth inducing factors. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/nokia-x20-specifications-nokia-new-phones-price-in-india/articleshow/81981039.cms">Six new Nokia smartphones announced – price, specifications and availability details you should know</a> <a href="https://www.businessinsider.in/business/startups/news/founders-take-note-heres-why-most-startups-fail/articleshow/81981138.cms">Founders, take note: here’s why most startups fail</a> <a href="https://www.businessinsider.in/tech/apps/news/google-phone-app-now-lets-you-record-calls-automatically-from-unknown-numbers/articleshow/81982791.cms">Google Phone app now lets you record calls automatically from unknown numbers</a> <a href="https://www.businessinsider.in/business/startups/news/adar-poonawalla-serum-institute-of-india-has-bought-stake-policybazaar/articleshow/81985425.cms">Serum Institute of India buys into IPO-bound insurance unicorn PolicyBazaar, as True North sells part stake in secondary sale</a>

E-commerce and digitisation to accelerate India's auto sector growth, says report

<ul><li><keyword id="2947589" type="PERSON" weightage="20" keywordseo="Droom">Droom</keyword> has launched the <keyword id="8928423" type="UNKNOWN" weightage="20" keywordseo="corona-shield">Corona shield</keyword> service under its newly launched initiative, <keyword id="8928422" type="UNKNOWN" weightage="20" keywordseo="droom-health">Droom Health</keyword>.</li><li>Under the initiative, the brand will offer Antimicrobial Surface Protections shield for cars and two-wheelers.</li><li>Droom Corona Shield treatment for automobiles is the technology that guards surfaces against harmful microbes by inhibiting the growth of microorganisms such as bacteria, algae, yeast, mold, and mildew. </li></ul>In a bid to combat the ongoing <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> contagion, online automobile transactional marketplace Droom has launched Droom Health. Under the initiative, the brand will offer Antimicrobial Surface Protections shield for cars and two-wheelers. Proven to be effective against SARS and other droplet-based viruses for up to 4 months, this breakthrough treatment for automobiles starts at less than Rs 999. Droom Corona Shield treatment for automobiles is the technology that guards surfaces against harmful microbes by inhibiting the growth of microorganisms such as bacteria, algae, yeast, mold, and mildew. The technology polymerizes (bonds) to any surface resulting in a strong, durable, invisible and effective barrier with a long history of safe use. This protective layer can provide an extra level of hygiene protection &amp; biological risk management with a 99.99% microbial reduction rate. Speaking on the new service launch, <keyword id="329810" type="PERSON" weightage="20" keywordseo="Akshay-Singh">Akshay Singh</keyword>, VP, Enterprise &amp; Strategy at Droom said, “The accumulation of bacteria on frequently touched surfaces is the key to the transmission of any infection. COVID-19 or the coronavirus can live on a solid surface for up to 4 days, while other viruses can live up to 9 days. So, after 14 days of quarantine, when people are ready to step out of their houses, it is important to ensure that there is no virus left alive in their personal vehicles.

Droom launches Corona Shield service, a way of virus-proofing vehicles

New Delhi, Feb 23 () Online automobile marketplace Droom will pump in about USD 100 million (about Rs 718 crore) this year towards further strengthening its technology offerings, marketing and new initiatives, its founder and CEO Sandeep Aggarwal said. The company, which aims to touch USD 120 million (about Rs 862 crore) in net revenue by 2021, is also looking at expanding its international operations to six new markets including Indonesia, Vietnam and the UAE this year. "We have earmarked a capex (capital expenditure) of about USD 100 million this year. Of this, about USD 50 million will be towards marketing and promotion, USD 30 million for headcount and technology and roughly USD 20 million for new initiatives," Aggarwal told . He added that the company has been working on keeping its cash burn low and is hopeful of also hitting profits by the end of the year. Aggarwal said the company has already established presence in three international markets and is looking at growing that further this year. Droom is looking at Indonesia, Philippines and Vietnam in Southeast Asia and the UAE, Oman and Saudi Arabia in the Middle East. "While we are aggressively expanding our international presence, we are also deepening our presence within the India market as we believe this will continue to be the mainstay of our business. Less than 10 per cent of our revenues will come from international operations," he said. The company also plans to raise about USD 150 million before it launches an initial public offering (IPO) in 2021. It has so far raised close to USD 125 million in six rounds of funding from investors like Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, and Integrated Assets Management. Droom had clocked a gross merchandise value of USD 1.2 billion on its platform with a net revenue of USD 32 million in 2019. Its platform processed over 6.1 lakh orders last year. SR HRS

Droom earmarks USD 100 mn capex for tech, marketing

<keyword id="2947589" type="UNKNOWN" weightage="20" keywordseo="Droom">Droom</keyword> has launched India’s first marketplace to get auto loan for used automobiles. <keyword id="4412414" type="UNKNOWN" weightage="20" keywordseo="Droom-Credit">Droom Credit</keyword> is end-to-end online and fully automated credit marketplace to get loan approval in 30 seconds with its own proprietary credit risk engine, unbeatable credit terms, paperless process, and fully automated work-flow management. The platform aims to capitalise on its world-class technological and data science capabilities to make the loan assessment process fully dynamic, hassle-free, and paperless to facilitate near-instant loans from lenders to borrowers. As part of the initiative, Droom has on-boarded BFSIs comprising commercial banks, <keyword id="6354598" type="ORGANIZATION" weightage="20" keywordseo="NBFCs">NBFCs</keyword>, and other financial entities with its initial service rollout. A proprietary algorithm-based credit risk management engine is used to power this consumer credit marketplace. <div type="embedgroup"> <div type="Article" hostid="261" msid="58163436" title="This is what will happen if Snapdeal gets acquired by Flipkart" rank="1.0" kind="RELATED" publishDate="Apr 13, 2017, 4:16 PM" mstype="2" mssubtype="0"></div></div>
 How does it work The platform conducts comprehensive loan assessment through its algorithm which computes multiple raw data points to analyse the creditworthiness of an applicant. This includes leveraging the India Stack i.e. Aadhaar, e-Sign and Digital Locker. The Marketplace also uses, PAN verification, credit score validation, income statement authentication, along with many other variables for objective, unbiased and instant credit evaluation. The proprietary algorithm comes up with an accurate credit decision within 30 seconds for 95% of the transactions. The decision also includes approximately 5% pre-approved applications that require further lender-side inspection. Thereupon, approved and pre-approved applicants are required to choose a lender with appropriate credit terms which comprise factors such as amount, duration, interest rates, and down payment. The application of the candidate is subsequently forwarded to the selected lender along with the assessment report.<div type="embedgroup"> <div type="Article" hostid="261" msid="58166464" title="BankBazaar data shows 126% increase in financial decisions online by women" rank="1.0" kind="RELATED" publishDate="Apr 13, 2017, 6:09 PM" mstype="2" mssubtype="0"></div></div>
 How does it help the lender Apart from the assessment report, Droom Credit comes equipped with Store Manager, a lender’s dashboard, raitngs and reviews, lender/buyer KYC and self-configurable credit risk panel . Store Manager grants higher flexibility and greater command to the lenders over the loan origination process. It allows lenders to modify profile settings, set credit terms, post document requirements, and set or manage credit risk profiles, along with other vital features. They can also override default algorithmic settings for all categories through the Store Manager. By doings so, lenders can set their own scores and weightages for their desired buckets. The platform will initially cater to automobile loans including used and new vehicles with a vision of becoming India’s most comprehensive, unbiased and independent way of acquiring instant loans. <div type="embedgroup"> <div type="Article" hostid="261" msid="58132345" title="Exclusive: Here’s what Google VP Rajan Anandan said about Jio’s Impact on the Telecom Sector" rank="1.0" kind="RELATED" publishDate="Apr 11, 2017, 8:55 PM" mstype="2" mssubtype="0"></div></div>
 Droom Credit gives buyers/borrowers the freedom to apply for loan anytime, anywhere using any device. There’s the flexibility to apply for a loan 24x7 not just following the traditional hours of 10 – 5. We keep user at the centre of everything, to ensure borrower and lender are equally benefited by this technological revolution. Lenders will no more have the headache of collecting the hard paper documentation, compiling files and explicitly checking the credit history.

Droom Launches Droom Credit – A Facility to get Auto Loan for Used Automobiles

<keyword id="2947589" type="UNKNOWN" weightage="20" keywordseo="Droom">Droom</keyword>, a popular online automobile marketplace, launched '<keyword id="3986164" type="UNKNOWN" weightage="20" keywordseo="droom-history">Droom History</keyword>' today. 
 
'Droom history' is an unbiased report that will tell you your vehicle's background using historical data available through various authorized data providers to give you in-depth information. 
 
This registered technology will address issues related to vehicle's safety, trust, and value. 
 
The company claims to currently have 19 crore private and commercial vehicles such as two wheelers, cars, taxis, trucks etc in its database, with real time information of nearly 6 million vehicles in the Delhi-NCR region alone. 
 
The process is simple. 
 
1) You will have to enter your vehicle's registration number and check the availability of the report. 
 
2) If the report is available, then you can make an online payment to get the report sent to your email within 30 minutes. 
 
3) This information can then be used by you to make better purchases and ensuring the security of their investment by using this tool.

'Droom History': India's first national repository for
used vehicles launched

Founded in April 2014 in <keyword id="6357722" type="COMPANY" weightage="20" keywordseo="silicon-valley">Silicon Valley</keyword>, <keyword id="2947589" type="UNKNOWN" weightage="20" keywordseo="Droom">Droom</keyword> has taken a completely innovative and disruptive approach to build trust and offer pricing advantages for cars, bikes, choppers and yachts. The online marketplace offers a great experience in buying and selling automobiles. With its technology driven marketplace approach, Droom enables transactions between buyers and sellers by bringing transparency, building trust, and mitigating information asymmetry. 
 Founded by <keyword id="197061" type="PERSON" weightage="20" keywordseo="Sandeep-Agarwal">Sandeep Agarwal</keyword>, the mastermind behind Shopclues.com, the startup looks promising as it is also funded by some of the leading global venture investors. 
 
Not just that. The start up dealing in both new and pre-owned cars has a swanky office in Gurgaon. With a great work place culture, the office looks quirky yet elegant. Also the amazing office culture includes a company sponsored bachelor party if you are tying the knot. 
 
Let’s check it out.

This
start up dealing in preowned cars, choppers and yachts has an amazing workplace
culture. Check out their Gurgaon office

Gone are the days when bigger necessarily meant better for startups across the country. While a billion dollar valuation meant the world to upcoming entrepreneurs as early as a year back, with the global financial tides turning, the focus has shifted from big GMV figures to driving efficiency in business models. 
 
This comes at a time when well-funded hyper-local startups like <a href="http://www.businessinsider.in/searchresult.cms?query=PepperTap&amp;sortorder=effectivedate">PepperTap</a> have shut down and larger ones like Grofers and Zomato have been forced to scale down operations. The so called ‘unicorns’ are struggling to raise funds, and recklessness with investors' money is punished with tighter purse-strings. 
 
Meet <a href="http://www.businessinsider.in/searchresult.cms?query=Sandeep+Aggarwal&amp;sortorder=effectivedate">Sandeep Aggarwal</a>, co-founder of <a href="http://www.businessinsider.in/searchresult.cms?query=ShopClues&amp;sortorder=effectivedate">ShopClues</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Droom&amp;sortorder=effectivedate">Droom</a>. He was a wall-street analyst who bootstrapped his venture with his own funds and angel money that he raised from his friends and family till he first received institutional funding to the tune of $4 million in January 2012. 
 
Interestingly, Aggarwal’s latest startup <a href="http://www.businessinsider.in/searchresult.cms?query=Droom&amp;sortorder=effectivedate">Droom</a> has a mere three employees in customer support. The company’s GMV to human resource ratio stands at $1 million annualized GMV per person. Aggarwal claims it’s the highest amongst startups in the country. His company is currently doing close to $170 million in annualized GMV. 
 
Business Insider sat down with Aggarwal to understand where machines can replace man, and where they can’t. 
 
Journey to automating <keyword id="2947589" type="UNKNOWN" weightage="60" keywordseo="Droom">Droom</keyword> 
While I’m proud of <a href="http://www.businessinsider.in/searchresult.cms?query=ShopClues&amp;sortorder=effectivedate">ShopClues</a>, we still had to hire hundreds in customer support, and I didn’t want to repeat that mistake. 
 
It took me over a month to conceptualize Droom as a wireframe. I still remember, there were 127 slides. I thought through the workflow cycle, where one may need to call customer support, and what can and can’t be automated. 
 
Today we have only one supervisor and three employees in customer support. 
 
Potential of <keyword id="294572" type="TECHNOLOGY" weightage="80" keywordseo="machine-learning">machine learning</keyword> 
<a href="http://www.businessinsider.in/searchresult.cms?query=Machine+learning&amp;sortorder=effectivedate">Machine learning</a> will allow us to have similar, if not better results in customers support. I think we can touch Rs. 250 crores in GMV per customer support employee. We can improve on that with keywords-based FAQs. One can also use IVR. 
 
 ‘Labor is cheaper than tech’ 
That’s the kind of thinking that has limited us to the services industry. It’s time we create quality product and platform companies. Human resource is cheap because it accounts for limited financial exposure, human errors and lack of reporting. 
 
Technology replacing employment 
Technology may deem some redundant. It’s their job to adapt and re-train themselves. That’s called survival for the fittest. That way people would actually end up earning more than they are currently. 
 If we wouldn’t have had built <keyword id="6357066" type="UNKNOWN" weightage="60" keywordseo="ShopClues">ShopClues</keyword>’ returns platform, over 500 people would have been doing returns alone. While from a socialist perspective you could say that employs 500 people, it drives severe inefficiencies in the supply chain. 
 
Is it a sector-specific problem? 
It’s all about the founder’s vision and mindset. There are three types of founders – the marketing guy, the ops guy and the product guy. You can throw money at a problem, and get it solved. Automation for the first time may have its own set of problems than deploying manual labor. 
 Consider this, <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword> is only 20-30% bigger than ShopClues in terms of GMV, but has a 7-8x bigger workforce. 
 
Challenges in automation in hyper-growth markets 
There is a price for everything. 
 
For hyper-growth sectors, you have to train yourself to ignore certain things. However, you shouldn’t be left trying to dig the well after the fire. 
 
The eternal debate that a machine doesn’t know right from wrong 
The best brain on earth is the human mind. There’s no substitute to that. 
 
However, in an assembly line scenario, there’s always the option to have a separate bin that can come under human inspection. Everything doesn’t boil down to a yes/no. Our technologies can also capture the scenario where there is no option but manual labor to step in. 
 
To scale quick, you have to automate certain processes. Repetitive things can actually burn human resources. Artificial Intelligence can anticipate how much information is worthy enough to process a decision. 
 
<a href="http://img.etimg.com/photo/51271877/image-4.jpg">Image Source</a>

Droom, a lesson in efficiency for startups

<ul><li><keyword id="2645087" type="General" weightage="20" keywordseo="rategain" source="Orion">RateGain</keyword> intends to raise over ₹400 crore through its fresh issue, which will be used for investments and acquisitions.</li><li>Rate Gain has over 1,434 customers, spread across 110 countries.</li><li>The company counts Lemon Tree, OYO and several other hotels and OTAs as its clients.</li><li>It will continue to focus on the US market after its public listing as well.</li></ul>Software-as-a-service startup (SaaS) RateGain Travel Technologies — which has less than 1% business coming from India — had decided, earlier this year, that it will get listed in its home country. This is rather odd as several tech entrepreneurs dream of getting their startups listed in American stock exchange Nasdaq. It’s not just a matter of pride, but also a strategic move. There are majorly two reasons for Indian tech startups to explore a Nasdaq listing — retail investors have better understanding of tech business in the US and/or majority of their revenue is coming from that market. Besides this, international listing gives Indian companies a larger and more diverse pool of capital. Whether it's the already listed Freshworks or soon-to-be-listed Icertis, <a href="https://economictimes.indiatimes.com/tech/startups/inmobi-prepares-for-nasdaq-listing-to-seek-15-billion-valuation/articleshow/81789159.cms">InMobi </a>or <a href="https://www.businessinsider.in/business/startups/news/pine-labs-reportedly-joins-the-long-list-of-indian-tech-startups-heading/articleshow/81760763.cms">PineLabs</a> — one of these three factors are the driving force of listing abroad. So it is quite amusing why RateGain would choose to get itself listed in India and that too in 2021 — potentially the worst time for any travel tech business due to the ongoing pandemic. Bhanu Chopra, the chairperson and managing director of RateGain told Business Insider that there were three reasons why the company decided not to go for a Nasdaq listing. First, the ability to drive up brand value being a local company is much higher. Second, they wanted to be the torchbearer of the first product SaaS company to list in India. Third, there were several logistical issues that couldn’t have been solved without making some organisational changes and it was quite cumbersome. Therefore, the company decided to stick to its home market and be the first SaaS company to list in India. Rate Gain has over 1,434 customers — across the hotel, hospitality and online travel agency (OTA) segment — spread across 110 countries. In order to serve the customers in these locations, RateGain has set up its subsidiaries in the United Kingdom, United States and Spain. It has also acquired three companies to date — US-based DHISCO and BCV, and<a href="https://www.businessinsider.in/business/news/ipo-bound-rategain-acquires-germany-based-myhotelshop/articleshow/86454447.cms"> Germany-based myhotelshop</a>. About 65% of RateGain’s revenue comes from the US market, while nearly 2% comes from India. The company will continue to focus on the US market even after the public listing as the majority of its customer base is settled or registered there. <div type="image" title="Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to list in India" msid="87269616" hostid="261"></div> The company — founded in 2004 and bootstrapped till 2017— intends to raise ₹400 crore through its fresh issue. Besides, the company will also sell 2.26 crore as offer for sale (OfS). This capital will be used to make strategic investments, acquisition and fund inorganic growth initiatives. Its last reported valuation was $133 million in 2015. But why now? <div type="image" title="Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India" msid="87286549" hostid="261"></div> It’s no secret that the travel and hospitality segment was severely hit since March 2020, when the world stepped into pandemic-induced lockdowns. As the entire segment was suffering, RateGain was bound to suffer too as they comprised its clients. The company decided to take a pause and arm itself with better products to meet the pent-up demand that may come back soon as people indulge in revenge travel and COVID-related restrictions are lifted. The company counts Lemon Tree, OYO and several other hotels and online travel aggregators (OTAs) as its clients. Besides this, the company believes that Indian investors are now ready to invest in tech businesses. Chopra believes that the investors' interest in Indian startups have increased in both private as well as public markets. This can be seen in terms of the number of unicorns -- private firms valued at or more than $1 billion -- that are being created as well as the number of companies hitting the public market. “My sense is that the Indian investor is now ready and they understand the future of any industry is digitisation. Now, RateGain is leading that effort in digitisation of the travel and hospitality industry” Chopra added. The pent-up demand of the travel industry and the positive global outlook is driving 26% compound annual growth rate (CAGR) growth. “Retail investors understand that the travel industry is recovering very fast and it is going to be the fastest growing industry in the next four-five years,” he added. Chopra believes that the ecosystem has developed enough for retail investors to understand the upcoming trends. In a <a href="https://www.businessinsider.in/business/startups/news/droom-founder-explains-why-he-is-considering-a-us-ipo-and-where-he-intends-to-spend-the-money/articleshow/84917608.cms">previous interaction</a> with Business Insider, Droom’s founder and CEO Sandeep Aggarwal highlighted that Indian investors now have a stock appetite to invest in tech businesses. Earlier, he was of that view that Indian new age businesses are not rewarded in the Indian stock exchange. WATCH ALSO: <div type="Video" msid="84897976" hostid="261" title="India's latest unicorn is prepping for an IPO now" dataSource="BUSINESSINSIDER" thumbUrl="https://denmark.timesinternet.in/cmslite/api/app/images.jpg?msid=84897976"></div> SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/bharti-airtel-tech-mahindra-bajaj-finance-and-other-top-stocks-to-watch-out-for-on-october-26/slidelist/87268702.cms" data-type="tilCustomLink">Bharti Airtel, Tech Mahindra, Bajaj Finance and other top stocks to watch out for on October 26</a> <a href="https://www.businessinsider.in/international/news/elon-musks-wealth-surged-by-36-billion-the-largest-single-day-gain-bloombergs-ever-recorded/articleshow/87267131.cms" data-type="tilCustomLink">Elon Musk's wealth surged by $36 billion, the largest single-day gain Bloomberg's ever recorded</a> <a href="https://www.businessinsider.in/finance/news/opinion-the-next-four-letter-word-taking-the-world-of-finance-by-storm/articleshow/87260681.cms" data-type="tilCustomLink">OPINION: The next four-letter word taking the world of finance by storm</a>

Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India

<ul><li>The used car retailing company will be recruiting 5,000 people by the end of next year 2022.</li><li>The company will be hiring from management trainees to senior managers across the tech, product, marketing and operations segments.</li><li><keyword id="366851" type="General" weightage="20" keywordseo="Spinny" source="Orion">Spinny</keyword> hired most of the current employees in the month of October this year.</li></ul>Spinny, which is a used car marketplace, is looking to hire 5,000 individuals by the end of 2022 to expand its footprint in the Indian market and take on tough competition coming from Cars24, Droom and others. The company plans to nearly double its workforce from 4,000 to 9,000 people. The company has vacancies across multiple jobs roles like management trainees to senior managers across the tech, product, marketing and operations segments. The announcement comes only a few days after it raised<a href="https://www.businessinsider.in/business/startups/news/spinny-is-the-latest-used-car-platform-to-join-cars24-droom-and-cardekho-in-unicorn-club/articleshow/88140551.cms"> $283 million funding from marquee investors</a> like Abu Dhabi-based ADQ, Tiger Global, Avenir Growth and others. The company was valued at $1.8 billion in this funding round, making its entry into the <keyword id="3009432" type="General" weightage="20" keywordseo="unicorn-club" source="Orion">unicorn club</keyword>. A part of that funding will be used to fund Spinny’s hiring plan. “Every new member of squad Spinny- and more driven individuals will join their ranks in 2022, know their role - to continue to build up this hard-earned trust,” said Niraj Singh, founder and chief executive officer (CEO) of Spinny. The used car platform hired most of its employees in the month of October this year, the company highlighted in a press release. According to their human resource data, 61% of their current employees are working from north India, 20% from south India and 19% from the west side of the country. Spinny was founded in 2015 by Niraj Singh, Mohit Gupta, Ramashu Mahaur and Ganesh Pawar. The company operates across the entire value chain of pre-owned cars, embedding superior technology and processes to deliver a premium experience to customers. The company has raised more than $530 million to date. On December 14, the company also announced its partnership with the cricket icon Sachin Tendulkar, who is the strategic investor in the company as well as lead brand endorser. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/these-countries-have-less-than-5-days-work-week-and-india-may-join-the-list-soon/slidelist/88448480.cms">These countries have less than 5 days work week and India may join the list soon</a>

You Searched For "droom technology" and got 12 results

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Droom launches Corona Shield service, a way of virus-proofing vehicles

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Droom earmarks USD 100 mn capex for tech, marketing

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Droom Launches Droom Credit – A Facility to get Auto Loan for Used Automobiles

Tanya Dubey

'Droom History': India's first national repository for used vehicles launched

Tanya Dubey

This start up dealing in preowned cars, choppers and yachts has an amazing workplace culture. Check out their Gurgaon office

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Droom, a lesson in efficiency for startups

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Despite majority of its revenue coming from the US, this is what compelled RateGain to be the first SaaS company to head for an IPO in India

Kritti Bhalla

Used car selling platform Spinny to hire over 5,000 people by the end of 2022

Vaamanaa Sethi

RateGain, Shriram, MapmyIndia and more — Check out the important dates of these upcoming IPOs and their grey market premiums

Bhakti Makwana

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