The online automobile marketplace DROOM has tbeen in the news for the past few days as it closed its first leg of its Pre-IPO (initial public offering)funding round of upto $200 million at a valuation of $1.2 billion,which is going to make its debut in the unicorn club.
The financial round have been backed up by new investors 57 stars, seven train ventures and a group of existing costumers.
As the sources say the company is looking to go public in 2022 and plans to get listed either in Nasdaq or in INDIA. The fresh funds will be used to deepen its presence in the top 100 cities and fuel its international expansion. A portion of the capital will also be deployed to build on last-mile delivery.
“Droom has been on a steady growth trajectory after Covid. While the automobile is the largest retail category, it is the least penetrated online. In a post-pandemic world, we expect automobile buying and selling to shift online rapidly,”
SANDEEP AGARWAL(CEO DROOMS)
A particular firm which has a share of 80% in automobile e-commerce declared that the digital adoption during the pandemic has been increased and also most of the costumers are showing interest in ownership of the vehicles rather than the public transport or ride sharing.
DROOM is that agency which is going to compete with top car retailing agencies like CARS 24 and spinny etc. Now this company is said that it is nearing profitability and remains on the track to touch a GMV(gross merchandise value) of nearly $2 billion and net revenue of over $65 million in CY2021.
