Thursday, April 18

Tag: sandeep aggarwal

Droom Raises Colossal Funding from Toyota
FUNDING

Droom Raises Colossal Funding from Toyota

Droom, the automobile marketplace recently raised a Series D funding round of $30 million with Toyota Tsusho Corporation (TTC), daughter company of Toyota Group Corporation, leading the investment round. Existing investor Digital Garage and four additional new investors from Hong Kong also participated in the funding round. The deal is a memorandum of understanding with TTC to expand operations in overseas market, with Toyota’s inventory as primary asset for expansion. This is the fifth round of funding that Droom is benefitting from, amounting to a total of $95 Mn since its founding. The company is set for its IPO by 2019. The previous round of funding of Droom happened in July 2017 when it raised $20 Mn from Digital Garage and others. In June 2016, it raised $25 Mn from Beenext and...
Know Why Sandeep Aggarwal Filed FIR Against Wife and ShopClues’ Co Radhika
News

Know Why Sandeep Aggarwal Filed FIR Against Wife and ShopClues’ Co Radhika

E-tailer ShopClues' founder Sandeep Aggarwal, had filed a FIR against his estranged wife and co-founder Radhika Ghai Aggarwal, co-founder and CEO Sanjay Sethi and Sethi’s wife Nupur Sethi three days ago, accusing them of cheating, criminal conspiracy and revoking his voting rights by fraudulently changing the pages of the documents he signed. The issue over the control surfaced nearly six months ago when Sandeep accused Radhika and Sanjay of thwarting his return to the company. Aggarwal had to give up his membership on board due to insider trading charges in the US in 2013. Recently the High Court gave its order that “no coercive steps be taken against the petitioner till the next date”, i.e. October 16 (the petitioner: Ghai Aggarwal and Sanjay Sethi). "The Honorable Court was ple...
ShopClues Founder Aggarwal Files Defamation Case Against Wife, Co-founder Over Role Downplay
News

ShopClues Founder Aggarwal Files Defamation Case Against Wife, Co-founder Over Role Downplay

NEW DELHI: ShopClues co-founder Sandeep Aggarwal today said he has filed a criminal defamation case against other co-founders -- Sanjay Sethi and estranged wife, Radhika -- in Delhi courts earlier this month alleging them of downplaying his role in creation of the online marketplace. The statement, issued by Sandeep's press team, comes a day after he made several allegations against Radhika in a series of Facebook posts. ShopClues was valued at over USD 1 billion last year. Its investors include GIC Pte Ltd, Tiger Global Managment LLC and Nexus Venture Partners. Apologising for the emotional outburst on social media and saying such acts will not happen again, the statement said, "Sandeep has been wronged on multiple counts by people he trusted the most. He is deeply hurt and while...
Droom Expects Rs 75 Cr Revenue in FY’17
BUSINESS

Droom Expects Rs 75 Cr Revenue in FY’17

Droom, an online marketplace for automobiles, expects to close this fiscal with a revenue of Rs 75 crore on the back of strong sales on its platform for both new and used cars. Droom is expected to touch net annual revenues of Rs 60-75 crore by March 2017 with an annualised GMV in the range of INR 2,500-3,000 crore, Droom said in a statement. Droom is eyeing net annual revenues of Rs 125-150 crore by December 2017, it added. "The company is targeting annualised GMV of INR 4,500-5,000 crore and net annual revenues of Rs 125-150 crore by December 2017, as it ramps up its operations to firmly consolidate its position as the best brand in the Indian online automobile market space," it said. It added that orders placed through the platform grew from 8,232 units in 2015 to 49,974 uni...
Droom Announces Budget of Rs. 100 Crore For Marketing
News

Droom Announces Budget of Rs. 100 Crore For Marketing

India's pioneering online automobile transactional marketplace Droom is geared to launch a mega promotional campaign with a budget of Rs. 100 crore. The new campaign is being launched for television, YouTube, print, digital and social media and will also be seen outdoors on billboards and external installations. The entire campaign is designed to drive traffic and increase consumer awareness and to enhance the sense of pride amongst Indian consumers when it comes to buying a pre-owned vehicle. Droom, which has reported more than 700 percent year-on-year revenue, plans to adopt an aggressive performance-linked marketing approach which will see country-wide spread of the advertisements. Automobiles, being a big-ticket item, have a significant gestation period which may last from a mini...