Vehicle e-commerce platform Droom Tech files for Rs 3,000-crore IPO

Droom Technology, an automobile e-commerce platform, has filed its offer document with the market regulator for a Rs 3,000-crore IPO. The company will be the second Indian automobile online company after CarTrade, which got listed in August.

Droom’s IPO will comprise of fresh issue fundraise of Rs 2,000 crore. Droom’s holding company based in Singapore, will also sell up to Rs 1,000 crore worth of shares in the IPO.

The company intends to utilise the net proceeds from the fresh issue to fund organic and inorganic growth initiatives aggregating to Rs 1,150 crore and Rs 400 crore respectively and towards general corporate purposes.

Droom uses technology and data science to facilitate buying and selling of vehicles online.