Droom Technology has acquired non-banking financial company Xeraphin Finvest in an all-cash deal, as the online automobile marketplace doubles down on its fintech business, Droom Credit.
The Sandeep Aggarwal-led auto services company has paid an estimated $3-$3.5 million to acquire the Delhi-based NBFC, which is expected to drive loan disbursals for purchasing pre-owned vehicles, and provide dealer financing under the Droom Credit business unit.
The development comes a little over a year after Singapore and Gurugram-based Droom raised $30 million in equity financing from a clutch of investors, including the family office of Joe Hirao, founder of ZigExN, the Tokyo-headquartered company that owns and operates a number of content-focused websites, ranging from jobs information, search and real estate, to the used car listings segment.
A significant portion of the capital raised in October last year was utilised to further ramp up Droom Credit. According to a statement by the company, Droom Credit has processed over 10,000 loans over the last 12 months.
Source: Economic Times