New Delhi, 26th April 2023; Enabling automobile Enterprises and SMEs in their critical and high economic value decisions, Droom has launched ‘Droom Cloud Services’, based on its propriety technology and data-science based software products.
The automobile market is a high touch and feel and low propensity market, selling high ticket items which creates a high trust deficit while buying and selling automobiles or issuing insurance, policy, or loans approval. In the used vehicle market, there is a high amount of information asymmetry, lack of transparency and no standardization model of product or service delivery. To deal with the informational asymmetry of the Indian automobile market and solve that herculean task, Droom started building automobile ecosystem tools which could create adoption for automobile online.
Droom launched the pioneer ‘Droom Cloud Services’ which is an automobile cloud platform which offers ‘Transactional Services’ to large enterprises and SMEs for enablement of transaction and also generates a trust factor leading to the adoption of automobile selling and buying online. These services are structured in a way that makes it independent, objective, unbiased, comprehensive, and scientific.
1. Pricing as a Service (PAAS) – Pricing as a service is powered by OBV (Orange Book Value) a data science driven algorithmic pricing engine, to forecast the right fair-market value of any used automobile. Orange book value has emerged in the last 8 years as a de facto standard for used vehicle pricing. OBV is based on 21st century data science and machine learning. Since its launch, OBV has seen 527Mn+ pricing queries for more than 80K+ products and 342K+ auto dealers use it across India.
2. Inspection as a Service (IAAS) – Inspection as a service is powered by Eco is a mobile app, IoT and AI driven auto inspection service. Droom has more than 16K certifies technicians in 1000 cities who perform auto inspection based on Droom’s propriety inspection methodology along with IoT, AI and central QC system.
3. History as a Service (HAAS) – History as a service is powered by Droom’s history services, India's largest national repository with more than 200 million of the total 220 million registered vehicles in India. The report provides in-depth details about a vehicle's background, more than 60 lakh vehicles real-time updated data covering up to 50 different historical records in 10 seconds. HAAS helps enterprises and SMEs to know vehicles historical records during buying, selling, procuring of vehicles, or before loan, insurance, policy approvals.
Over the years Droom built these outstanding and top-notch services backed by technology and data science which started gaining inbound interest from OEMs and fleets, insurance and money lenders who were interested in using these services in their own enterprise setting. Understanding the value these services provide to the industry, Droom is now offering these services to large enterprises and SMEs as subscription, aiming to take the stress out from managing all things around their automobile business helping them to focus on seamless growth and making their business as transparent, seamless, comfortable, and trusting as possible.
Launching the Droom Cloud Services, Sandeep Aggarwal, Founder & CEO, Droom said, “Droom is the only pure-play ecommerce company with the most suite of propriety tech and data driven ecosystem of services. Introducing Droom Cloud Services, we are taking our core expertise to the automobile businesses for them to use and benefit from our advanced tools and services. We are sure that businesses will grow, scale, and stand to gain from them.” He also added, “On our 9th anniversary Droom Cloud Services has truly emerged as a ‘AWS’ moment for us.”
Droom has launched these services to solve the demand and supply problems by disrupting the 140-year-old traditional automobile retailing. Droom is providing enterprises and SMEs a platform where they can leverage and benefit from Droom’s core expertise. With more than 200 Mn visitors yearly, Droom is one of the first companies to offer such extensive propositions like vast selection, low prices, inspected and certified vehicles, and more.
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