IPO-bound used car marketplace Droom is raising ₹25 crore (approximately $2.9 million) in a fresh funding round, co-led by Finvolve, IA Growth Opportunities Fund II, and Rameshchandra Shah. The round also includes participation from individual investors such as Rajkumar Sorathi, Hardik Kothiya, Shirish Patel, and others.

According to regulatory filings sourced from the Registrar of Companies (RoC), the board at Droom has approved a special resolution to issue 15,62,500 preference shares at an issue price of ₹160 per share, raising a total of ₹25 crore.

Among the investors, Finvolve, IA Growth Opportunities Fund II, and Shah will each contribute ₹5 crore, while Shirish Patel, CEO of Prudent Corporate Advisory, will invest ₹3 crore. The remaining amount will be covered by other individual investors.

Droom plans to utilize these funds for general corporate purposes, as per the filings.

About Droom
Founded in 2014, Droom is an online marketplace for buying and selling used vehicles, including cars, motorcycles, and electric vehicles (EVs). It also offers rental services and vehicle financing solutions, making it a comprehensive platform for automotive transactions.

With this fresh infusion of capital, Droom continues to strengthen its position in the used car segment as it prepares for its upcoming IPO.