New Delhi | 2nd October 2020: Droom, India’s largest and pioneering online automobile transactional marketplace acquired Delhi-NCR based AR startup Visiolab Ideas for an undisclosed amount. Droom introduces an AR-VR lab with this acquisition to enhance the customer experience in their vehicle buying research. Under the acquisition, both co-founders of the company will join the Droom team.
Droom will leverage technological innovations powered by Augmented Reality, Virtual Reality in addition to tools using Artificial Intelligence, Machine Learning, and Big Data to offer new products and solutions for automobile commerce. With this acquisition, Droom will provide a live virtual tour of vehicles to customers who can experience it in 3D. Droom allocated INR 50 crores last year towards building new and innovative products using AI, AR, and VR.
Commenting on the development, Akshay Singh, Chief Strategy Officer, Droom said, “We are excited to welcome the Visiolab Ideas team to become a part of Droom. At Droom we have built Industry-leading technology focused products like OBV, Eco, Droom History, Droom Discovery, and Droom Credit for bridging the gap in buying and selling vehicles online. This acquisition will further enhance our capabilities in offering delightful customer experiences and a completely online vehicle buying experience.”
“Augmented Reality is the future, not just in the automotive sector, but for education, healthcare, and almost all of the major fields in the market. That is what got us in this field and gave us the motivation to develop the technology that could bring the showroom experience to your doorstep, in the comfort of your homes. We are delighted that Droom gave us a platform to contribute towards India’s online auto marketplace” affirmed Navdeep Singh, founder & CEO, Visiolab Ideas.
Droom is the largest hyperlocal market and the fourth-largest e-commerce company in India in terms of GMV at present. The acquisition of Visiolabs Idea and establishment of its AR Lab will further strengthen Droom’s position as one of the most innovative automotive and e-commerce organizations in India and across the globe.
