Online automobile marketplace Droom has closed the first phase of a funding round of $ 200 million or about Rs 1487 crore. Now it is following a dual track for its possible IPO in India or in the US next year. Sandeep Aggarwal, Founder and CEO of Droom said that the company is engaged in raising about Rs 1487 crore in different phases. The maximum part of the target has been achieved.
IPO will be listed in Nasdaq or Indian stock market
Aggarwal did not specify how much of the potential target has been raised, but said the valuation would cross $1.4 billion once the fund is raised. Aggarwal said that along with the participation of many existing investors, 57 Stars and Seven Train Ventures also participated in this. He said that the company is following dual-track so that the IPO is brought. Or will be listed on Nasdaq or in India next year.
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‘The future of the online automobile marketplace is bright’
Agarwal said that Droom has experienced digital adoption extensively during the Corona pandemic. He said that people are giving importance to travel in public transport or buy their own vehicle instead of ride share. The company hopes that people will come to the online platform to buy and sell vehicles. Right now this share is about 0.7 percent but it is expected that going forward it will increase to 7 percent.
He said that Droom has invested millions of dollars and thousands of human labor hours over the past 7 years to create a full technology based end-to-end transactional marketplace for online buying and selling of vehicles. The company has developed complete tech-based machinery from first mile services like OBV, ECO, and HISTORY to mid-mile services like loans and insurance as well as last-mile services like doorstep delivery . Droom is continuously growing after COVID.