Droom's credit enterprise processed over 10,000 auto loans in the previous year and the company has teamed with Yes Bank. IDFC First Bank, Tata Capital, Faircent, Hero Fincorp, Manappuram, Lendbox, and Cashkumar.
This new purchase follows the company's announcement that it intends to be listed on the Nasdaq by 2020.
While discussing this next step the Founder and CEO, Sandeep Aggarwal, stated, “We are super excited about the acquisition of Xeraphin. At Droom, we have spent the last five and a half years building the most advanced transactional platform and tools online for the automobile industry. Xeraphin Finvest’s acquisition will further bolster our capabilities in offering loans at a larger scale, ensuring maximum convenience and minimum hassles for our primary stakeholders, thereby building the narrative of success for Droom further.”
Droom was started up back in 2014 and currently has around 250 employees. The company says it currently operates in around 920 different cities throughout India and has put together a network of 300,000 car dealers.
The company claims to have around 45 million monthly visitors to their website and over 12 million downloads of their mobile app.
They also claim to produce around $1.3 billion in yearly gross merchandised value and has fundraised nearly $125 million through six funding rounds with participation from Digital Garage, Toyota Tsusho Corp, Beenext, Beenos, Lightbox, and Integrated Assets Management.
At the start of this year, the company launches an internet of things focused Eco Lab to boost innovation around inspections for used car purchases.
Join us November 13-15 for the Property Portal Watch Conference Madrid 2019.