3Novices : Auto e-commerce start-up Droom raises $20 mn, eyes Nasdaq listing in 2 yrs

Eyeing a Nasdaq listing in the next two years, online automobile e-commerce platform Droom has raised $20 million (Rs 130 crore) in a round led by Integrated Asset Management (IAM).This is the fifth round of funding which saw participation from all the existing institutional investors — Lightbox, Beenos, Digital Garage and Beenext. The company has so far raised $65 million, including from the latest tranche of investment.The company plans to go for an IPO by middle of 2019 and has already started the process of being compliant to the Nasdaq requirements. “We are working towards becoming a listed company. We would be profitable by next year and after that we would be heading for an IPO. We have roped in one of the big four consultancies to do the feasibility study,” said Sandeep Aggarwal, Droom founder and CEO.The present funding round would fuel its plans to strengthen the technology platform, tech-focussed acquisitions and strengthen Droom’s brand portfolio. The company plans to … 3Novices


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