Moneycontrol
you are here: HomeNewsBusiness
Last Updated : Jan 08, 2019 06:16 PM IST | Source: Moneycontrol.com

Droom plans to raise $50 million in 2019

The company also eyes NASDAQ listing by 2020 while focusing on international expansion.

Priyanka Sahay @priyankasahay

Automobile marketplace Droom, which recently raised $30 million from Toyota Tsusho Corporation and Digital Garage, plans to raise another $50 million in a fresh round, early in 2019.

"We will very likely to do one more capital raise in the first half of 2019. There are lot of strategic business units than just line of business we had earlier. We have an appetite for capital, to be invested in future technology and to scale up the business," Sandeep Aggarwal, founder and chief executive told Moneycontrol in an interaction.

"A part of the money may come from strategic investors," he added.

The company reported a revenue run rate of $25 million in December 2018, registering a 147 percent increment in comparison to the net revenue in 2017 and targets to double it in 2019.

It eyes listing on the NASDAQ by 2020 while focusing on international expansion.

"This was our biggest year in terms of scaling our business to new heights and launching so many innovative products such as Quicksell, Droom Credit, Droom Plus, new vehicles sales and expanding our operations internationally. As we bring synergies to our vast portfolio of products, tools and services, Droom is positioned to deliver hyper-growth for years to come," said Aggarwal.

The company continues to make a strong case for its international operations, especially in the South Asian market through a partnership with brands such as Toyota Group.

Droom expanded its operations from 493 cities last year to 735 in 2018.

It claims that the listings on its platform increased by 39 percent in the last 12 months, from 6.21 lakh to 8.65 lakh.

It last raised $30 million in a round jointly led by  Toyota Tsusho Corporation and existing investor Digital Garage.

Headquartered in Gurgaon, Droom has four marketplace formats -- B2C, C2C, C2B and B2B. The platform offers a wide range of categories from bicycle to planes and all automobile services such as warranty, RSA, insurance and auto loan.
First Published on Jan 8, 2019 06:15 pm
Loading...
Sections
Follow us on
Available On
PCI DSS Compliant