NEW DELHI: Online automobile for used vehicles Droom recently acquired Xeraphin Finvest to further strengthen its dedicated consumer and dealer credit marketplace Droom Credit’s lending capabilities.
The division has already processed 10,000+ loans in last 12 months. Droom Credit marketplace boarded many lending partners in its marketplace and some of them are IDFC First Bank, Yes Bank, Tata Capital, Mannapuram Finance, Faircent, Hero Fincorp, Cashkumar, and Lendbox.
Commenting on the step, Sandeep Aggarwal, Founder and CEO Droom said, “We are super excited about the acquisition of Xeraphin. At Droom we have spent the last five and a half years building not only the most advanced transactional platform and tools online for the automobile industry but also the entire 21st-century digital ecosystem with pricing, certification, financial services.”
“Two years back it was clear that we could leverage our strength in massive data we had created, pricing engine, used vehicle certification, vehicle historical records, and auto dealer’s transactional history to build the most advanced marketplace for lending for used vehicles. 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,” he added.
NBFCs are fast changing the traditional lending landscape of India by introducing data-focused lending mechanisms along with sophisticated data capturing and sharing capabilities that can significantly widen the borrower base in India.
According to the World Bank, less than 1 in 10 people in low and middle-income countries globally have documented credit history. In such a scenario, Droom’s decision to become a single point seller, as well as credit facilitator, will benefit scores of participants, while setting a new standard in the continuously evolving high-value e-commerce transaction landscape.