At the first round of its current pre-IPO expansion round, Droom, India’s largest AI-driven online vehicle market, has secured US $200 million at an estimate of US $1.2 billion.
Existing investors as well as 57 Stars and Seven Train Ventures were amongst the participated Investors.
The funds will be used to expand the company’s presence in the top 100 cities, as well as to provide last-mile deliveries and worldwide expansion. Its ambition is to pursue a dual-track IPO in 2022, either on the NASDAQ or in India.
A car-selling and buying marketplace powered by technology and data science. It has a stated inventory of $15.7 billion and 1,105 sites, giving consumers access to nearly 1.1 million automobiles.
According to the company, online auto buying and selling will reach 7% of the market in 2025, up from 0.7 percent today.
Droom has previously secured US$30 million in Series E funding in 2018 and another US$10 million in Series F funding in 2019.