Before going IPO Droom intends to raise $150 million
Droom which is an AI data Science driven online transactional platform for buying and selling used automobiles in India is set to raise $150 million in pre -IPO fund before going public in 2021.The company has been planning an IPO since 2018 which had been delayed to 2021.
The CEO of the company said this will be the Sixth funding round of the
company.
The backers Credit Suisse and “two other advisers” are asked to find other investors for the company.
The company is aiming an IPO listing by the end of 2021. The company also plans to take the IPO route and have considered Mumbai, Singapore, US, and Hong Kong. It is said that the funding will be covered in the next 4-5 months.
Droom is concentrating on keeping its cash burn low and is positive about gaining profit by the end of the year.
The company has so far collected $150 million with the help of its investors like Lightbox, Singapore-based global fund Beennext, Tokyo-based VC firm Digital Garage, Japanese firm Beenos, Toyota Tsusho Corporation, and Hong Kong-based multi-billion family office Integrated Assets Management
The funding round will be participated by their present backers but a new investor will lead the round.
The backers Credit Suisse and “two other advisers” are asked to find other investors for the company.
The company is aiming an IPO listing by the end of 2021. The company also plans to take the IPO route and have considered Mumbai, Singapore, US, and Hong Kong. It is said that the funding will be covered in the next 4-5 months.
Droom is concentrating on keeping its cash burn low and is positive about gaining profit by the end of the year.
The company has so far collected $150 million with the help of its investors like Lightbox, Singapore-based global fund Beennext, Tokyo-based VC firm Digital Garage, Japanese firm Beenos, Toyota Tsusho Corporation, and Hong Kong-based multi-billion family office Integrated Assets Management
The funding round will be participated by their present backers but a new investor will lead the round.
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