Automobile marketplace Droom on Wednesday said the company is confident of hitting profit by the end of this year, and said it plans to raise about USD 150 million before it launches an initial public offering (IPO) in 2021.
Droom clocked a gross merchandise value of USD 1.2 billion on its platform with a net revenue of USD 32 million in 2019. Its platform processed over 6.1 lakh orders last year.
"The plan has always been to take the IPO route and we have considered four options (Mumbai, US, Singapore and Hong Kong) and it will most probably be NASDAQ in the US. We appointed KPMG and Grant Thornton as auditors and also roped in Credit Suisse that is likely to take us to IPO as well," Droom founder and CEO Sandeep Aggarwal told PTI.
He added that the company will raise one more round of "pre-IPO" funding of about USD 150 million this year.
Aggarwal said given that the US Department of Justice (DoJ) has dropped all charges against him pertaining to a previous insider trading case, ...
