NEW DELHI: Online automobile marketplace Droom said that it has closed its first leg of the ongoing pre-IPO growth funding round close to $200 million at nearly $1.2 million valuation, making it the latest entrant to the unicorn club.
The company said that it is eyeing listing on the US stock exchange, Nasdaq, or domestic stock markets by the next year. The announcement comes after Droom’s rival Car trade Tech Limited which owns platforms like Carwale, Bikewale got the Securities Exchange Board of India(SEBI)’s approval to float Rs 2000-crore IPO.
Droom said that its current fund-raise saw the participation of new investors, including 57 Stars and Seven Train Venturesin in addition to existing ones. Droom’s current annual run-rate is $1.7 bn for GMV and $54 mn for net revenue. The company remains on track to touch a GMV of $2 bn and a net revenue of $65 mn+ in CY2021.
With the current scale, technology-oriented business, and operational efficiency, Droom is nearing profitability, the e-marketplace said in a statement. “We have developed complete technology-based machinery starting from first-mile services such as OBV, ECO, and History to mid-mile services like loan & insurance and last-mile services like doorstep delivery,” Sandeep Aggarwal, Founder and CEO, Droom said.