Droom Technology has now acquired a Non-Banking Financing company, Xeraphin invest, in an all-cash deal, as the online automobile marketplace doubles down on its fin-tech business, Droom Credit.
The Sandeep Aggarwal led auto services company has paid an estimated INR 24.8 crore to acquire the Delhi based NBFC, which is expected to drive loan disbursals for the purchasing of pre-owned vehicles, and provider the dealer financing under the Droom Credit Business unit.
“We stated Droom Credit about two years back and started providing leads to our partners for consumers looking to purchase vehicles…The traditional banking system is known to be quite conservative, and is usually amongst the last to turn to technology…This acquisition gives us a great advantage in used vehicle financing,” CEO Aggarwal told in a report.
Droom, which as of now, has secured $125 million in the equity financing so far, is currently in the midst of raising its latest round, estimated at $200 million.