Business India ×
 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. 


Jobs

A report reveals that more and more countries are creating jobs in renewables

Jobs soar in RE sector

Published on Sept. 27, 2022, 9:50 p.m.

A report reveals that more and more countries are creating jobs in renewables

Finance

Brookfield to invest $2 billion in India

Brookfield’s clean power initiative

Published on Sept. 27, 2022, 9:31 p.m.

Brookfield to invest $2 billion in India

Green Hydrogen

India’s first green hydrogen fuelling station to be ready next May

Leh leads the way

Published on Sept. 27, 2022, 8:10 p.m.

India’s first green hydrogen fuelling station to be ready next May

Renewable Energy

Amazon’s total number of solar rooftop projects in India stands at 41

Amazon bets big on solar farms

Published on Sept. 27, 2022, 7:49 p.m.

Amazon’s total number of solar rooftop projects in India stands at 41

E-MAGAZINE

Company Feature

Classrooms go live, thanks to Airtel

Published on April 5, 2022, 11:25 a.m.

Despite the pandemic, Bharti Foundation has ensured that children are not deprived of learning opportunities

Column

Collaborative excellence

Published on April 4, 2022, 8:53 p.m.

A policy perspective for meeting SDG-9 in low resource setting of developing economies

Column

Innovation and infrastructure

Published on April 4, 2022, 8:10 p.m.

India is well-positioned to become a model of corporate sustainability

Column

‘More for less’

Published on April 1, 2022, 10:12 p.m.

The merger of technology and SDGs – A game-changing win of the era