Droom Becomes India's Newest Unicorn In Pre-IPO Funding Round
Droom closes part of pre-IPO funding at a valuation of $1.2 billion.
Online auto marketplace Droom Technology Pvt. closed part of its $200 million (Rs 1,486 crore) fundraise at a valuation of $1.2 billion (Rs 8,916 crore), making it India's newest unicorn.
While the firm didn't disclose the size of the first close, it raised funds from new investors including 57 Stars and Seven Train Ventures, according to its statement. Existing investors also participated but the company did not identify them.
Droom said it aims to list either on Nasdaq or in India in 2022. The $200-million pre-IPO funding by the used car and two-wheeler marketplace comes amid booming interest in the country’s technology startup during the pandemic.
The number of new unicorns is growing and new-age tech firms are tapping public markets. While Zomato Ltd. made its market debut, parents of Paytm, Mobikwik, and Droom’s competitor CarTrade have also filed draft papers with the market regulator for their initial public offerings.