Used car marketplace Droom has converted itself from public limited company into private limited company, according to company’s regulatory filings. The regulatory filings has shown that the company has changed its name from Droom Technology Private Limited to Droom Technology Limited.
By doing so, the Singapore and Gurgaon based company has taken the first big step in its long drawn quest for the IPO listing. Droom openly expressed its IPO ambitions during its recent $200 Mn funding round that eventually propelled the company to the coveted unicorn club. The company settled for a post funding valuation of $1.2 Bn in its latest round, officially touted as the pre-IPO round.
However, Droom’s IPO ambitions are comparatively bold since the company has openly said that it is also flirting with the idea of NASADQ listing. If the NASADQ listing does not work then it will certainly go for a listing at NSE.
Notably, online grocery major Grofers was also toying with the idea of NASDAQ listing. The Gurgaon company was planning to go for an NASDAQ listing with the help of SPAC company. But the company later shelved the idea and is now likely to settle for domestic listing.
One of Droom’s primary competitors, CarTrade, was listed on the NSE barely a week back. Although CarTrade’s IPO listing was largely a muted affair, it still provided impetus to startups vying for a debut in India’s capital market.
Droom competes with several well pocketed players like Spinny, Car24 and CarDekho while Ola is also planning to enter in the space of used car marketplace.
In the past, Droom has claimed to have achieved profitability, which should bode well for its IPO listing. But Techpluto could not verify this claim independently since the company hasn’t filed any regulatory filings for the past couple of years.