Droom acquires Xeraphin to strengthen lending arm

Droom acquires Xeraphin to strengthen lending arm

AgenciesUpdated: Saturday, November 02, 2019, 03:22 PM IST
article-image

New Delhi: Online automobile marketplace Droom on Saturday said it has acquired Xeraphin Finvest for an undisclosed amount, a move aimed at strengthening its lending arm Droom Credit.

Droom Credit has already processed over 10,000 loans in last 12 months. Droom Credit marketplace has onboarded lending partners like IDFC First Bank, Yes Bank, Tata Capital, Mannapuram Finance, Faircent, Hero Fincorp, Cashkumar and Lendbox, a statement said.

"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," Droom founder and CEO Sandeep Aggarwal said.

He added that the company has been working on leveraging its technological prowess to build an advanced marketplace for lending for used vehicles.

RECENT STORIES

Zee Entertainment Q2 Profit Falls 63.4% To ₹76.5 Crore; Revenue Dips 2% To ₹1,995.6 Crore

Zee Entertainment Q2 Profit Falls 63.4% To ₹76.5 Crore; Revenue Dips 2% To ₹1,995.6 Crore

Gold Prices Soar Ahead Of Diwali 2025; Consumers Prefer Solid Bullion Over Jewellery

Gold Prices Soar Ahead Of Diwali 2025; Consumers Prefer Solid Bullion Over Jewellery

Ashok Leyland Bags Order For 1,937 Buses From Tamil Nadu State Transport Undertakings

Ashok Leyland Bags Order For 1,937 Buses From Tamil Nadu State Transport Undertakings

Diwali 2025: Will Mumbaikars Buy Gold, Silver As Prices Surge Ahead Of Dhanteras? Know Latest Rates...

Diwali 2025: Will Mumbaikars Buy Gold, Silver As Prices Surge Ahead Of Dhanteras? Know Latest Rates...

Infosys Q2 Net Profit Rises 13.2% To ₹7,364 Crore; Revenue Up 8.6%, Interim Dividend ₹23 per...

Infosys Q2 Net Profit Rises 13.2% To ₹7,364 Crore; Revenue Up 8.6%, Interim Dividend ₹23 per...