Droom raises $200Mn in Pre IPO funding, becomes 17th Indian startup to turn Unicorn
Summary
Every week or so, a new company attains this once rare status, attracting the attention of investors from around the globe, which are placing their trust in the country’s huge startup ecosystem. Today, a new name is joining the club, as Droom, an online marketplace to buy and sell used cars, has raised $200Mn in a pre IPO funding round at a massive valuation of $1.2Bn. Now, coming back to the news at hand, Droom raised this money from 57 Stars, Seven Train Ventures and several existing investors. “Over the past 7 years, we have invested millions of dollars and thousands of human hours to build a full technology-based end-to-end transactional marketplace for buying and selling of automobiles online,” said Sandeep Aggarwal, founder and chief executive of Droom, in a statement. The company operates a platform for buying and selling used automobiles from different categories, and competes directly with the likes of Spinny, Cars24, CarDekho and several others.