Auto marketplace Unicorn Droom to launch INR 3000 crore IPO in next 2 months
- ByStartupStory | April 28, 2022
Auto marketplace unicorn Droom is all set to launch its INR 3,000-crore IPO by offloading an 18 percent stake in next 2 months. The Initial Public Offering comprises fresh issuance of equity shares worth INR 2,000 crore and an offer for sale to the tune of INR 1,000 crore, according to DHRP (draft red herring prospectus) filed by the company in November 2021.
Promoter Sandeep Aggarwal, along with 200 other employees holding employee stock options , are soon expected to offload less than 1%, which amounts to roughly a third of their allocated OFS, said sources following the development. A source said “Existing investors will be offloading around 5% of the company’s outstanding shares.
Aggarwal, however, will not be diluting a major stake until the startup reaches a valuation of USD 5 billion. Aggarwal, who was former founder of value e-commerce marketplace Shopclues, now holds 32% stake in the company. 9% stakes are owned by employees while the Investors own 59%.
Shopclues was also one of the first startups in India to be valued at more than $1 billion. Gurgaon-based Droom, which raised its last round in July 2021 at a valuation of $1.2 billion, now has Seven Train Ventures, Lightbox ,57 Stars and Toyota among its investors.
Sandeep Agarwal said during an interaction with the press“When we started Droom eight years ago, 1.1 used cars were sold in India for every new car that was being bought. At present, the number is pegged at 1.5,”
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