Droom plans to raise $50 mn, launches credit platform

Droom is an online marketplace to buy and sell new and used automobiles

Sandeep Aggarwal, founder and chief executive officer of Droom, plans to raise $50 million and to become a unicorn, a start-up with valuation of $1 billion, by the end of this financial year. The e-commerce platform launched Droom Credit, a marketplace to get loans to buy used automobiles, a first of its kind in India, on Thursday.

Droom Credit is a fully automated credit marketplace to get loan approval. It leverages India Stack which includes Aadhaar, e-Sign and Digital Locker. The marketplace also uses, PAN verification, credit score validation, income statement authentication, along with many other variables for instant credit evaluation.

Aggarwal