Online Automobile Transactional Marketplace – DROOM Sells 6000+ Units In Two-Wheeler Segment This Festive Season
With a slew of attractive offers and low interest rates, the online automobile platform garners GMV of around INR 32 crore through the sale of two-wheelers in the otherwise lukewarm market
Droom, The online automobile transactional marketplace, saw an overwhelming response in the segment of two-wheelers this festive season with the sale of 6000+ two-wheelers in the month of October. Sale of two-wheelers was a significant contributor to the revenue generated by Droom, accounting for around 45% of the same in the previous month.
Droom has sold two-wheelers including scooters ranging between INR 50-60k and motorbikes with an Average Selling Price (ASP) of approximately INR 60k. Playing a crucial role in this promising market, Droom has generated a Gross Merchandise Volume (GMV) of approximately INR 32 crores, contributing to around 7.4% of the overall GMV.
Brands like Hero, Honda and Yamaha enjoyed domination in the market share of motorcycles and bikes, comprising around 95%. Honda, on the other hand, sold the most number of scooters, comprising 85% of share in the sales. The top selling models among motorcycles and bikes were Splendor Plus, Passion Pro i3s, CB Shine and FZS fi whereas Activa 5G emerged as the best-selling model among scooters.
One of the major reasons behind this surge in sale was the fact that Droom came up with a bounty of attractive offers amidst a market of car dealers struggling with high interest rates, high base effect, surged prices and muted consumer sentiments. Droom offered a discount of INR 25, 000 along with an interest rate as low as 8.99% on financing options. Additionally, Droom offered free one-year roadside assistance and a buyer security of up to INR 50 lakh on all pre-owned vehicles that were to be sold through the platform with a validity period of 6 months. Such festive offers led to an immense retention with a majority of demand for new vehicles in the two-wheeler category, deeming for around 96% of the orders in this segment.
Acknowledging the robust success, Sandeep Aggarwal, Founder and CEO, Droom remarked, “India is world’s largest two-wheeler market. In less than one year we have created the largest assortment of two wheelers online in India combined with auto loan, Insurance, RTO, and Assistance from auto experts. We think that Droom can be among the largest two-wheeler seller globally independent of channel in next three years.”
While cities like Delhi, Hyderabad and Ahmedabad were among the top 5 cities where these two-wheelers were sold, one of the most surprising factors was the emergence of smaller cities like Ludhiana, Vadodara, Surat, Alwar and Bilaspur among the top 10 cities showing orders in October.