Droom becomes the latest entry to reach the billion-dollar club after its recent round of funding. It gained unicorn status after raising $200 million in pre-IPO funding. This startup based in Gurgaon was valued at $500 million in October 2018.
Droom is an online marketplace for automobiles and helps in selling and buying vehicles in all categories. It provides buyers tools to view, schedule, and negotiate with the sellers, and sellers are given tools to list their estimated prices and other issues.
This round of funding was financed by several of its existing investors and has managed to raise $342 million in total. The company said in a statement that “Droom’s current annual run-rate is $1.7 billion for GMV and $54 million for net revenue. The company remains on track to touch a GMV of $2 billion and a net revenue of $65 million in CY2021”. They hope that with the current flow the company will soon become profitable. The company is expecting to file for an IPO next year.
Sandeep Aggarwal who is the founder and chief executive of Droom said that they have been investing in building technology-based services for the online purchase and selling of automobiles. He also added that the company is witnessing a steady growth after COVID and expect that the online market of automobiles will thrive more in the post-pandemic world.
Techcrunch reported that Droom is the 17th Indian startup to attain the unicorn status.