Droom invests Rs 50 crore to set up AI Lab
Online automobile marketplace Droom said that it had invested Rs 50 crore towards setting up an artificial intelligence (AI) lab. The company would leverage emerging technologies like AI, machine learning and big data to improve the solutions it provides on its marketplace.
Sandeep Aggarwal, CEO, Droom said that some of the areas the lab would work on including improving the recommended engine system for better references and alerting customers when the car needs maintenance. “We are also working at improving our intelligent image processing system which would give all the information needed on the car, like the make and model, and also the likely price you should get or pay for it,” he said.
The company has been working at heavily using technology in areas like customer support, where a large part of the interactions are done by chatbots, as well as creating tools like Orange Book Value, which gives the estimated value of a second-hand car. “With the ease in management of large data within a less time that AI and data analytics bring about, we at Droom are leveraging these to create new products and revamp the existing ones, thereby catering to our customer-base better,” said Aggarwal.
The company said that it is currently largest online auto marketplace for buying and selling new and used automobiles with over 80% market share of the automobile transactions online, generating $1.2 billion in annualized GMV and growing at a rate of 150% year on year. It has raised close to $125 million over six rounds of funding. Some of the prominent investors are Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management and Family office of Japanese based investor Joe Hirao, Founder ZIGExN. EOM
Source: ET Tech