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 Climate Change

E-vehicles
Published on: Aug. 31, 2022, 12:36 p.m.
Droom expects a boom in EV sales
  • Aggarwal (right) says demand for EVs have picked up in the last one year

By Business India Editorial

Online vehicle marketplace, Droom Technology, is expecting a demand for electric vehicles (EVs) to grow fourfold in the next three years. 

Lightbox Ventures-backed company expects nearly two-third of its sales to come from EVs, from 2 per cent at present, said founder and chief executive Sandeep Aggarwal, in an interview.

The company has tie-ups with 45 EV manufacturers including Hero Electric, Okinawa and Kinetic for sales on its platform. The sharp rise in fuel prices and an increased push from the government to accelerate the shift towards e-mobility are seen as favourable factors for the expected sales increase.

“EVs are the need of the hour, given the climate crisis we are witnessing. Consumer awareness and demand for EVs have picked up in the last one year,” said Aggarwal. 

While traction for electric two-wheelers and three-wheelers in the B2C segment has picked up considerably in the last few months, demand momentum will set in in the four-wheeler category as more electric models are introduced by leading automakers, he said.

It is learnt that Droom registers average monthly transactions of about 20,000 vehicles, currently. Of these, electric vehicles account for around 300 units.

At the current rate, the company is expecting to register a gross merchandise value of $2.75 billion this fiscal year. Droom — which entered the unicorn club by topping the $1 billion valuation in the last round of fundraising last year — plans to launch an initial public offering as soon as the market stabilises. “Once the market improves, we will be among the first to list,” Aggarwal said. It is planning to raise Rs3,000 crore, with a valuation of more than $2 billion, from the IPO to fund expansion, as per the filing. 

Aggarwal said demand momentum in the local market was strong and that the company was “near profitability” now. 

Droom is an artificial intelligence-driven online marketplace for buying and selling used and new automobiles. The company, founded in 2014, operates in 1,161 towns and cities. Droom has raised $130 million till date. 


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