| Company type | Public |
|---|---|
| Industry | Automotive e-commerce |
| Founded | 2014 |
| Founder | Sandeep Aggarwal Rishab Malik |
| Headquarters | , |
| Revenue |  ₹136 crore (US$16 million) (FY21) [1] |
| ₹−69 crore (US$−8.0 million) (FY21) [1] | |
| Website | www |
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]
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]
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]
