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Kul Bhushan · · 1 min readIPO-bound Indian automobile marketplace turns into a public company
“Online automobile marketplace Droom, which recently announced its US$200 million pre-IPO round, has converted itself from a private limited company to a public limited company,” Entrackr reported.
Details:
- Droom has changed the name of its Indian unit from Droom Technology Private Limited to Droom Technology Limited, according to the company’s regulatory filings.
- The move comes amid Droom’s plans to take the company public via a listing in India or the US-based Nasdaq by 2022.
Dive deeper:
- Last month, Droom joined India’s unicorn club after it raised the first tranche of a US$200 million pre-initial public offering financing round.
- Meanwhile, rival Cars24 is reportedly in talks to raise about US$350 million from DST Global, and SoftBank, among others, which would take the used car marketplace’s valuation to US$2 billion. Recently, CarTrade, another automobile marketplace, made its debut on the Indian stock exchange as well.
Editing by Deepti Sri and Arpit Nayak
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