Droom invests Rs 50 crore to set up artificial intelligence lab

Eight months after raising over Rs 207 crore in its last funding round, Droom, an online marketplace for automobiles, is making a move into the artificial intelligence (AI) space. The Gurgaon-headquartered company has invested Rs 50 crore towards setting up an AI lab and intends to leverage this emerging technology along with machine learning and big data to improve its marketplace offerings and better serve its customer base, The Economic Times reported. In October, after its Series E round, Droom had not only announced plans to further strengthen its dominance in the online automobile marketplace segment - it is currently the leading player cornering over 80% of the online automobile transactions - but had also voiced intent to invest heavily in developing AI capabilities for its vast portfolio of products. The company is now putting its plans into action. Sandeep Aggarwal, founder and CEO, Droom told the daily that the new lab would work on areas such as improving the recommended engine system for better references and alerting customers when the car needs maintenance, among others.