Droom sets up AI Lab; earmarks Rs 50 cr for innovations

Online automobile marketplace Droom Thursday said it has set up an AI Lab to leverage technological interventions like artificial intelligence, machine learning, and big data to offer newer tools and solutions to enable commerce for used automobiles. The company has also allocated Rs 50 crore of its investment budget to facilitate innovations, a statement said. "At the Droom, AI Lab team is working on several projects like Advance Alert System, which can alert customers when the car needs maintenance, based on the OBD data. Droom has also been improving its recommended engine system at the AI Lab for better references," it added.

Besides, the company has also has hired dozens of AI/ML experts and graduates from institutes like IITs, NIT, IIIT and NSIT. "Droom has now entered the fifth year of its operations and has been building an integrated platform...Setting up our AI Lab is an integral part of the innovation...We at Droom are leveraging these to create new products and revamp the existing ones, thereby catering to our customer-base better," Droom founder and CEO Sandeep Aggarwal said.

Droom has, so far, raised close to USD 125 million over six rounds of funding. Some of its investors include Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, Integrated Assets Management and Family office of Japanese based investor Joe Hirao, founder ZIGExN.