Droom to raise $200 mn in pre-IPO round

Droom Technology Private Ltd., a marketplace for used cars, bikes and other mobility products, is planning to raise $200 million in pre-initial public offering (IPO) round to invest in growth plans, s

Droom Technology Private Ltd., a marketplace for used cars, bikes and other mobility products, is planning to raise $200 million in pre-initial public offering (IPO) round to invest in growth plans, said founder and CEO Sandeep Aggarwal. “The company is no longer dependent on outside capital to run its operation, but new initiatives will require larger capital. So, we on opportunistic basis are looking at upto $200 million growth round which will be our last private round before the company goes public,” Mr. Aggarwal said. Of the planned $200 million, Droom had already raised some capital, he said and added that the company would go public within 6 to 18 months. “The company has spent last five months to become IPO ready. We are following our dual track — U.S. listing at Nasdaq and also to be listed in India. In six to 18 months, we should be a public company,” Mr. Aggarwal said. “And unless I make a series of mistakes or get unlucky, I think without any glass ceiling, I have an opportunity to create perhaps the largest consumer Internet company coming out of India, which could be around $50 billion by 2026,” he added.