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Droom, India’s largest and pioneering online automobile transactional marketplace, announced that the United States Department of Justice (DOJ) has dropped all charges against its Founder and Chief Executive Officer, Sandeep Aggarwal, in an insider-trading case from 2013. The US Securities and Exchange Commission (SEC) has also reached a civil settlement with Aggarwal relating to the same case. Aggarwal was charged by the DOJ and sued by the SEC in July 2013, relating to events that took place in July 2009, when Aggarwal was a Wall Street analyst, years prior to starting his entrepreneurial journey in 2011.
Aggarwal founded Droom in April 2014. Today, Droom is the largest online automobile platform and the fourth-largest e-commerce company in India.
Speaking on the occasion of the DOJ’s dismissal of all charges against him, Sandeep Aggarwal, Droom Founder and CEO remarked, “Those times were tough for me, my family and my team members. However, I am very grateful that the US justice system agreed that the dismissal of all charges against me was the right and just result. Now, we can put this permanently behind us and focus on implementing our long-term vision to permanently change how automobiles are bought and sold in the 21st century.”
Siddharth Talwar, Droom Board Member and Partner at Lightbox VC added, “As an investor in Droom and a friend of Sandeep’s I am relieved this chapter in his life is over. We look forward to continuing to work with Sandeep in building Droom to its full potential.
Droom is an AI and data sciences-driven online transactional platform, which offers 21st century experience in buying and selling of used and new automobiles in India and other emerging markets. Droom has built an entire eco-system around used automobiles for the digital economy, including Orange Book Value (used vehicle pricing engine), Eco (1,000+ points vehicle inspection), History (history records for used vehicles), Discovery (dozens of pre-buying research tools) and Credit (India’s first and only marketplace for used auto loan and dealer financing). Droom not only caters to individual buyers and sellers, dealers, and large enterprises for buying and selling but also manages the entire life cycle and all automobile ancillary services.
Droom has four marketplace formats i.e. B2C, C2C, C2B, and B2B, and three pricing formats - Fixed Price, Best Offer, and Auction. The platform offers a wide range of categories from bicycle to plane and all automobile services such as Warranty, RSA, Insurance and Auto Loan.
With 80% market share of the automobile transactions online, Droom is India’s largest automobile platform online and 4th largest E-Commerce company. Besides India, Droom is available in Singapore, Thailand, and Malaysia. While OBV is available in 38 countries globally, making OBV world’s number one benchmark pricing engine.
The company is currently generating $1.2 Billion in annualized GMV and growing at a rate of 100% Y/Y. Droom has presence in 1045+ cities across India (India’s largest hyper-local marketplace), 353K+ auto dealers (largest auto dealer platform in World), 45 Million+ monthly visitors, nearly 12 Million+ app downloads, and 6.5 Million+ Facebook followers.
Droom’s India headquarter is in Gurugram with a team size of 520+. Droom is a Singapore Holding Company with subsidiaries in India and the United States. The company has so far raised close to $125 Million over six rounds of funding. Some of the prominent investors are Lightbox, Beenext, Beenos, Digital Garage, Toyota Tsusho Corporation, and Integrated Assets Management.
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