Droom Technology Limited
| Public | |
| ISIN | 🆔 |
| Industry | Automotive e-commerce |
| Founded 📆 | 2014 |
| Founder 👔 | Sandeep Aggarwal Rishab Malik |
| Headquarters 🏙️ | , , |
Area served 🗺️ | |
| Revenue🤑 |  ₹136 crore (US$19 million) (FY21)[1] |
| ₹−69 crore (US$−9.6 million) (FY21)[1] | |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
Droom Technology is an Indian company online marketplace for buying and selling used and new automobiles.[2] Founded in April 2014, the company is based in Gurugram, Haryana and also operates in Singapore, Thailand, and Malaysia,[3][4]
History
Sandeep Aggarwal, who previously co-founded ShopClues together with Sanjay Sethi and Radhika Aggarwal, founded Droom with Rishab Malik in April 2014. The company was incorporated on 9 September 2014, and first launched in Delhi on 21 November 2014 as a platform for used cars.[5][6] Later, the company also added the buying and selling features for used cars and two-wheelers on its site and by 2015, it had operations in 100 cities across India.[7] In 2016, the company expanded into Thailand.[6]
In December 2018, the company acquired Xeraphin Finvest in an all-cash deal.[8]
In July 2021, Droom became a unicorn after raising $200 Mn in a pre-IPO funding round at a valuation of $1.2 billion.[7]
In November 2021, the company announced that it had filed for an IPO to raise up to Rs 3000 crore (around $361.296 million) and listing on Nasdaq,[9][10] but withdrew its filing a year later in 2022, citing market conditions.[11][12]
Controversy
In 2018, Cyber Security Researcher Sayaan Alam found a vulnerability in Droom API-vulnerability that exposed users' data like addresses, PAN cards, banking details, etc. Droom fixed the issue in December 2018.[13]
In 2013, the company founder, Sandeep Agarwal was charged by the United States Department of Justice (DoJ) and U.S. Securities and Exchange Commission (SEC) for insider trading when he was a Wall Street analyst.[14] In February 2020 all the charges were dropped by DoJ against him. The SEC also reached a settlement with Sandeep.[3][15]
References
- ↑ 1.0 1.1 Dayalani, Vaishnavi (13 November 2021). "IPO-Bound Droom's Revenue Took A 25% Drubbing In FY21, Plummeted To INR 136 Cr". Inc42 Media. Retrieved 5 March 2023.
- ↑ Balachandaran, Manu. "Droom: Stepping On The Gas". Forbes India. Retrieved 2023-02-18.
- ↑ 3.0 3.1 Mathur, Nandita (2020-02-19). "US justice dept drops insider trading charges against Droom's Sandeep Aggarwal". mint. Retrieved 2023-02-18.
- ↑ Mukherjee, Sharmistha (2022-08-29). "Droom Technology bets on four-fold demand in EVs by next three years". The Economic Times. ISSN 0013-0389. Retrieved 2023-02-18.
- ↑ "Riding high". Business Today. 2016-07-13. Retrieved 2023-02-18.
- ↑ 6.0 6.1 "Droom to foray into Thailand". The Times of India. 2019-04-26. ISSN 0971-8257. Retrieved 2023-02-19.
- ↑ 7.0 7.1 "Automobile marketplace Droom gets pre-IPO funding at $1.2 billion valuation". The Economic Times. 2021-07-28. ISSN 0013-0389. Retrieved 2023-02-18.
- ↑ Rawat, Aman (2019-11-03). "Droom Acquires NBFC Xeraphin To Boost Credit, Auto Loans Vertical". Inc42 Media. Retrieved 2023-02-18.
- ↑ Chengappa, Sangeetha (2021-03-24). "Droom aims to list on the NASDAQ in H2 of 2022". www.thehindubusinessline.com. Retrieved 2023-02-18.
- ↑ Dhanjal, Swaraj Singh (2021-09-19). "Droom looks to raise ₹1,000 cr from share sale early next year". mint. Retrieved 2023-02-18.
- ↑ "Droom withdraws IPO plans amid volatile market". VCCircle. Retrieved 2023-02-19.
- ↑ Gupta, Samie Modak & Aryaman (2022-10-28). "Boat joins PharmEasy, Droom to shelve listing plans amid valuation concerns". www.business-standard.com. Retrieved 2023-02-18.
- ↑ "Droom Fixes Security Flaw That Exposed Users' Private Data, Banking Details". Gadgets 360. 10 December 2019. Retrieved 2023-02-18.
- ↑ "Droom, a lesson in efficiency for startups". Business Insider. Retrieved 2023-02-18.
- ↑ Alawadhi, Neha (2020-02-19). "US DoJ drops charges against Droom founder in insider trading case". www.business-standard.com. Retrieved 2023-02-18.
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