Droom, an India-based automobile ecommerce platform, reduced its consolidate net losses by 35% in FY24, dropping to 40.4 crore rupee (US$55.43 million) from 62.1 crore rupee (US$85.2 million)

This improvement was driven by a 64% decrease in expenses, which fell to 100.9 crore (US$138.43 million).

However, operating revenue dropped 66% to 85.4 crore rupee (US$117.16 million) in FY24.

EBITDA losses reduced to 37.2 crore rupee (US$51.04 million) from 57.3 crore rupee (US$78.61 million).

Founded in 2014, Droom connects used car dealers with customers and has shifted focus to mid-premium and luxury cars.

It also provides car financing, SaaS solutions, advertising, and recently added car rental services.

Total revenue, including other income of 4.6 crore rupee (US$6.31 million), reached 90 crore rupee (US$123.47 million) for FY24.

The company aims to debut in the public market and plans to file a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) by June 2025.

It aims to raise 1,000 crore rupee (US$1.37 bullion) through an IPO, targeting a valuation of US$1.2 billion to US$1.5 billion.

Recent Droom developments