A civil settlement has been reached with US Securities and Exchange Commission
Plans to list on the Nasdaq by mid 2021
NEW DELHI :
Online automobile marketplace Droom founder and CEO Sandeep Aggarwal on Wednesday said the United States Department of Justice (DOJ) has dropped all charges against him in connection with an insider trading case from 2013.
Aggarwal said a civil settlement has been reached with the US Securities and Exchange Commission (SEC) in connection with the case.
He was charged by the DOJ and sued by the SEC following events that took place in July 2009, when he was a Wall Street analyst.
“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," added Aggarwal.
Aggarwal founded Droom in April 2014 and the startup claims to be the largest online automobile platform and the fourth-largest e-commerce company in India.
The company currently generates $1.2 billion in annualized gross merchandise value (GMV) and $32 million in net revenue. It aims to clock $2.1 billion in GMV and $63 million net revenue by end of 2020, Aggarwal said.
He also plans to list on the Nasdaq by mid 2021, when the company achieves $3 billion GMV.
The company has so far raised close to $125 million in over six rounds of funding. “Not only are we a pure play online marketplace platform for automobiles in India but also own critical ecosystem tools for pricing, inspection, history and credit," added Aggarwal.