Droom eyes $150 million round before IPO, Technology News, ETtech

Droom eyes $150 million round before IPO
Online auto marketplace Droom is hitting the street for a $150-million pre-IPO fund-raising round, its last one before an it goes for an IPO in 2021.

According to Droom CEO Sandeep Aggarwal, this will be the company’s sixth funding round, for which Credit Suisse and “two more advisers” have been mandated to find investors. Droom is planning an IPO listing in end-2021 and the funding will be wrapped up “in the next 4-5 months”, Aggarwal said.

Currently valued at just under $1 billion, Droom has so far raised around $125 million from investors including Lightbox, Singapore-based global fund Beenext, Japanese firm Beenos, Tokyo-based VC firm Digital Garage, Toyota Tsusho Corporation, and Hong Kong based multi-billion family office Integrated Assets Management.

“Many of our current investors will participate but a new one will lead the round,” said Aggarwal. Earlier, several investors in the company had participated in multiple rounds.

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