Online automobile marketplace Droom has acquired Xeraphin Finvest for an undisclosed amount, a move aimed at strengthening its lending arm Droom Credit.
Droom Credit has already processed over 10,000 loans in the last 12 months.
Droom Credit marketplace has on-boarded lending partners like IDFC First Bank, Yes Bank, Tata Capital, Mannapuram Finance, Faircent, Hero Fincorp, Cashkumar and Lendbox, a statement said.
“Xeraphin Finvest’s acquisition will further bolster our capabilities in offering loans at a larger scale, ensuring maximum convenience and minimum hassles for our primary stakeholders, thereby building the narrative of success for Droom further,” Droom founder and CEO Sandeep Aggarwal said.
He added that the company has been working on leveraging its technological prowess to build an advanced marketplace for lending for used vehicles.