Droom, India’s largest online marketplace for automobiles, today announced expansion of the scope of Orange Book Value, popularly known as OBV, to give the fair market value of used mobile phones to the customers. After a blockbuster success for Droom’s Orange Book Value (OBV), which provides a fair market value of any used vehicle, Droom has launched OBV for Mobile, a pricing engine for used mobile phones. Built on Droom’s ecosystem tool, Orange Book Value (OBV), helps buyers accurately ascertain the Fair Market Value of any used phone – that too within 10 seconds!
Droom’s ‘OBV for Mobile’ feature analyses mobile phones based on their make, model, age, condition, and accessories, besides many other factors, to come up with a fair, unbiased, and independent market value for a used phone. OBV for Mobile works on artificial intelligence engine and has created India’s largest database of used mobile phones to give the user a valuation report.
About 2 years ago, Droom had launched Orange Book Value (OBV), India’s first and only artificial intelligence based pricing engine that provide the fair market value of any used vehicle under 10 seconds for free. This product has gained huge traction and has delivered over 160 million pricing queries so far with over 10 million people trying OBV each month, either via its website or mobile app. With OBV for Mobile, Droom is expanding its ecosystem services tools beyond automobile to other lucrative secondary markets such as smartphones.
Speaking on the announcement, Mr. Sandeep Aggarwal, Founder & CEO, Droom, said, “India is the world’s second largest smartphone market and will have over 500 million smartphones by end of 2018. At the time when smartphone adoption is growing very rapidly, the average duration of ownership is coming down equally rapidly. So, if you want to find out the right price of your used mobile phone and sell it for some extra cash or are considering exchanging it for a new model, Droom’s OBV for Mobile can give you fair market value under 10 seconds for free. OBV for Mobile will extend the technical merits of our proprietary Orange Book Value platform, which has proven track record of accurately identifying market value for products as complex as automobiles, to pre-owned mobiles. We are confident that this new offering by Droom will help both sellers and buyers, and will emerge as a game changer for buying and selling used mobile phones in the country.”
To gauge the Fair Market Value for a phone, users can log on to www.orangebookvalue.com and select ‘OBV for Mobile’ on the input panel. They can then add the make, model, and age of the phone and select its condition using the Condition Meter to generate the approximate price range for that device. The prices can be refined further to more accurately reflect the phone’s actual market value by selecting available accessories and the working condition of individual components, such as camera, display, Wi-Fi, etc. OBV for Mobile comes with another Artificial Intelligence technology to evaluate the price of the used mobile phone by itself. This feature is known as “Self-Diagnostic Test”. In this case, the seller or buyer can run this test on the smartphone he/she wants to sell/buy. The test runs through all the technical components of the smartphone such as speakers, mic, Screen, camera, power and volume buttons etc. Based on this self-diagnostic test, ‘OBV for mobile’ provides a fair market value of the smartphone. Droom has added a dedicated section for used mobile pricing on the OBV iOS and Android apps, in addition, it allows app users to download the Free Pricing Report on their smartphones.
Droom is India’s first and only online marketplace for buying and selling new and used automobiles. At over 65% of the automobile transactions market share online, Droom is the largest auto portal in India. Droom is not only the largest online automobile platform in India, but also the 3rd or 4th largest E-commerce company in India in terms of GMV. The automobile platform is category, seller, price, condition, and geography agnostic.
Droom platform has four marketplace formats i.e. B2C, C2C, C2B and B2B, and three pricing formats – Fixed Price, Best Offer and Auction. The platform offers wide range of categories from bicycle to plane and all automobile services such as warranty, RSA, insurance and auto loan. Droom uses data science to build trust at scale with a US Patent technology called Full Circle Trust Score. Droom has also built the de-facto pricing standard for used vehicles in India – OBV, which has a US patent. Droom has built the entire ecosystem for India so that the transaction for used automobiles can take place with least degree of information asymmetry and morale hazard.
It has built tech and data science heavy tools to create the entire ecosystem around used automobiles, including OBV (pricing engine), Eco (121 points vehicle inspection), History (200 mil vehicle history records), Discovery (dozens of pre-buying tools) and Credit (India’s first and only marketplace for used vehicles loans).
Droom is currently doing $647 Mil+ in annualized GMV growing at the rate of 220% Y/Y, 194K+ auto dealers (largest auto dealer platform in India), presence in 500+ cities across India (largest hyper local marketplace), 31.2 Mil+ monthly visitors, nearly 6.5 Mil+ app downloads and 5.5 Mil+ Facebook community.
Droom has the best unit economics as compared to any other E-commerce platform in India. The company spends less than 5% of GMV to run marketing and the entire cost of the company is less than 4% of GMV in terms of the net burn. Droom is the only E-commerce platform which has successfully built the cost advantage and sophistication of the tech platforms with the strong data science layer, nobody else has been able to do it in India.
Droom is founded by Sandeep Aggarwal, who previously founded ShopClues at his house in California in Oct 2010, which became 5th Unicorn in India by January 2016. Droom is a Singapore Holding Company with its subsidiary in India and United States. Droom has so far raised close to $65 million dollars in five rounds of funding. Droom is head quartered in Gurugram, India with a team size of 270+.