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Automobile marketplace From Wikipedia, the free encyclopedia
Droom Technology Limited is an Indian company that maintains an online marketplace for buying and selling used and new automobiles.[2] Founded in April 2014, the company is based in Gurugram, Haryana and also operates in Singapore, Thailand, and Malaysia,[3] besides 1,161 Indian town and cities.[4] In July 2021, Droom became Unicorn after raising $200 Mn in a pre-IPO funding round at a valuation of $1.2 billion.[5]
Company type | Public |
---|---|
Industry | Automotive e-commerce |
Founded | 2014 |
Founder | Sandeep Aggarwal Rishab Malik |
Headquarters | , |
Revenue | ![]() |
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Website | www |
Sandeep Aggarwal, who previously co-founded ShopClues together with Sanjay Sethi, Sushant Tanwar and Radhika Aggarwal, founded Droom with Rishab Malik in April 2014. The company was incorporated on 9 September 2014, and first launched in Delhi on 21 November 2014 as a platform for used cars.[6][7] Later, the company also added the buying and selling features for used cars and two-wheelers on its site and by 2015, it had operations in 100 cities across India.[5]
In 2016, the company entered into a partnership with CashCare and incorporated the Orange Book value pricing engine into its platform that helps in determining the fair market value of used automobiles.[7] In December of the same year, the company introduced Droom History, a national repository for vehicle history which provides used vehicle history by generating a vehicle history report.
In 2017, the company launched Droom Credit for auto financing, Droom Discovery for vehicle research, and ECO in 2019 for vehicle inspection.[7]
In 2018, Droom became the official sponsor of the MTV reality TV show Roadies’ 16th edition.[8] In October, the company launched its platform in Malaysia, Singapore in December, and Thailand in April 2019.[7]
In December 2018, the company acquired Xeraphin Finvest in an all-cash deal.[9] In March 2020, the company launched its Droom Health with Germ Shield sanitization services to make vehicles virus-proof. In April 2020 it extended its Germ Shield technology to Gurugram police to sanitize its fleet of vehicles.[10] In October, Droom acquired Delhi-NCR-based AR startup Visiolab Ideas for an undisclosed amount.[11]
In November 2021, the company announced that it had filed for an IPO to raise up to Rs 3000 crore (around $361.296 million) and listing on Nasdaq,[12][13] but withdrew its filing a year later in 2022, citing market conditions.[14][15]
In 2015, Droom raised $16 million from Lightbox Ventures, followed by its Series B funding for an undisclosed sum led by Singapore-based investor Beenext and Japanese incubator and venture capital firm Digital Garage. In July 2017, the company raised $20 million in Series C funding round from Integrated Asset Management and existing investor Digital Garage.[16] In 2018, it secured $30 million in funding for a Series D round led by Toyota Tsusho Corporation of Toyota Group and co-led by Digital Garage.[2] The company raised $30 Mn in series E funding round. Droom raised $10 Million as part of a series F round of funding in 2019 from its Singapore Based holding entity.[17]
In July 2021, the company raised $200 million in Pre-IPO round funding led by 57 Stars and Seven Train Ventures.[18]
In 2018, Cyber Security Researcher Sayaan Alam found a vulnerability in Droom API-vulnerability that exposed users' data like addresses, PAN cards, banking details, etc. Droom fixed the issue in December 2018.[19]
In 2013, the company founder, Sandeep Agarwal was charged by the United States Department of Justice (DoJ) and U.S. Securities and Exchange Commission (SEC) for insider trading when he was a Wall Street analyst.[20] In February 2020 all the charges were dropped by DoJ against him. SEC also reached a settlement with Sandeep.[3][21]