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Droom secures $200 million funds

Droom technology, which is an automobile marketplace and auto services company, is now going to raise $200 Million in its latest funding round, which makes the venture valuing to be around $1 billion.

The company is now also in talks with a wide range of strategic and financial players for the new equity financing with the global merchant bank credit Suisse mandated to scout for the new fresh investors.

“We are currently at $35 million in net revenue on an annualized basis, on GMV of $1.3 billion, and are targeting an exit of $3.5 billion in gross sales and $120 million in net revenue by December 2020. This will be the level where the company would like to be listed as a public company,” Aggarwal said.

According to the report, the company existing investors, which even include the LightBox, host of Chinese origin family offices and Beenext among the others will invest around $20-$30 Million in the new coming round. The first tranche is also expected to come by the end of July.

The development comes at a time when the companies are working on operating in the country broader online auto sector have either already secured or are in the market to secure fresh capital from investors.

Source: Droom



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