Droom, a vehicle retail platform based out of India, is preparing to finish a fund raising round worth $250 million before their IPO. The company announced it is currently talking with several sources and investors for these funds.
The company's CEO, Sandeep Aggarwal, stated that he wants Droom to eventually be listed on the Nasdaq by 2021 and hopes to also be listed on Hong Kong's stock exchange as well after that.
Aggarwal also say that artificial intelligence will also help the company's current plans and growth.
“We are raising this money to expand to over 500 cities in India, and are ready to move into 40+ international markets, but our target for 2019 is to have a presence in 25 countries. Droom will be utilizing the funds to build on its AI/ML tech infrastructure for the marketplace model as well as financing and inspection. We are looking to build our data science and IoT-based certification services, and at the same time scale our fintech offerings and expand internationally,” he added.
Droom was started up back in 2014 and has their headquarters in Gurugram, India. The platform was the very first and currently only online marketplace for purchasing or selling both new and used vehicles. They offer cars of all kinds and types including planes and bicycles and their used cars come only from verified car sellers only.
CEO Aggarwal also stated that Droom's aim is to become a leader within the used car industry, but he did mention that they currently have no intentions to spin-off their fintech services with additional products. Aggarwal also stated that their auto financing company is currently increasing 100% every single month.
To date, Droom has fund raised over $125 million through six rounds.
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