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India's latest unicorn is prepping for an IPO now

Droom CEO Sandeep Aggarwal talks about dual-track IPO listing options in US and India

<keyword id="44717" type="COMPANY" weightage="20" keywordseo="Automobile">Automobile</keyword> marketplace <keyword id="2947589" type="COMPANY" weightage="20" keywordseo="Droom">Droom</keyword> founder and CEO <keyword id="195858" type="PERSON" weightage="20" keywordseo="Sandeep-Aggarwal">Sandeep Aggarwal</keyword> on Wednesday said a civil settlement has been reached with the US Securities and Exchange Commission (SEC) in connection with an insider-trading case. Also, the <keyword id="118911" type="COMPANY" weightage="20" keywordseo="US-Department-of-Justice">US Department of Justice</keyword> (DOJ) has dropped all charges against him pertaining to the said case, Aggarwal said. Aggarwal was charged by the DOJ and sued by the SEC in July 2013, relating to events that took place in July 2009, when Aggarwal was a Wall Street analyst. "Both the matters have been resolved. The charges by DOJ have been dropped and dismissed. A civil penalty of USD 32,500 was levied by SEC, which I have paid. The bar on being associated with any investment advisor, broker and securities analysis - which I quit long ago - continues," Aggarwal said. Aggarwal founded Droom in April 2014. "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," he said. Droom is currently generating USD 1.2 billion in annualised gross merchandise value (GMV) and has over 3.53 lakh auto dealers listed on its platform.

Charges by US Department of Justice have been dropped, dismissed: Sandeep Aggarwal

(Eds: Changing headline) New Delhi, Feb 19 () Automobile marketplace Droom founder and CEO Sandeep Aggarwal on Wednesday said a civil settlement has been reached with the US Securities and Exchange Commission (SEC) in connection with an insider-trading case. Also, the US Department of Justice (DOJ) has dropped all charges against him pertaining to the said case, Aggarwal said. Aggarwal was charged by the DOJ and sued by the SEC in July 2013, relating to events that took place in July 2009, when Aggarwal was a Wall Street analyst. "Both the matters have been resolved. The charges by DOJ have been dropped and dismissed. A civil penalty of USD 32,500 was levied by SEC, which I have paid. The bar on being associated with any investment advisor, broker and securities analysis - which I quit long ago - continues," Aggarwal said. Aggarwal founded Droom in April 2014. "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," he said. Droom is currently generating USD 1.2 billion in annualised gross merchandise value (GMV) and has over 3.53 lakh auto dealers listed on its platform. SR DRRDRR

Charges by US Department of Justice have been dropped: Droom founder Sandeep Aggarwal

For an industry that has already faced the brunt of <a href="http://www.businessinsider.in/marutisuzuki-swift-2017-has-been-creatively-copied-from-at-least-5-different-cars-heres-the-proof/articleshow/56315268.cms">demonetization</a> and now facing ban on sale of 2000+ cc powered cars, it’s not easy to pull up its socks and perform out of the blue overnight. <keyword id="51958" type="ENTERTAINMENT" weightage="20" keywordseo="YES">Yes</keyword>, we are talking about India’s automobile industry. The importance of this industry cannot just be overlooked. Based on present statistics, this sector contributes 7.1% of overall GDP and almost 49% of the manufacturing sector GDP. One of the most important employment generators in India, <a href="http://www.businessinsider.in/marutisuzuki-swift-2017-has-been-creatively-copied-from-at-least-5-different-cars-heres-the-proof/articleshow/56315268.cms">automobile sector</a> already has 32 million people working directly or indirectly. There are numerous factors that tend to be speed breakers of the growth of this industry. Among those are India’s stretched monsoon season, limited rural consumption, commodity prices and t<a href="http://www.businessinsider.in/marutisuzuki-swift-2017-has-been-creatively-copied-from-at-least-5-different-cars-heres-the-proof/articleshow/56315268.cms">ax and regulatory policies of the government.</a> 
 
Will the Budget of 2017 will be able to address the major bumps on the growth path? 
 <keyword id="4075000" type="UNKNOWN" weightage="20" keywordseo="dinesh-supekar">Dinesh Supekar</keyword> of <keyword id="148915" type="COMPANY" weightage="20" keywordseo="PWC-India">PwC India</keyword>, a multinational professional services network, told <keyword id="824043" type="COMPANY" weightage="20" keywordseo="Business-Insider">Business Insider</keyword>, “Since the government wants to keep a check on pollution along with the growth of the sector, it will be better if some regulations can be made to scrap off old vehicles plying on the road. An incentive based regulation is best for it. This will curb pollution drastically. New cars are mostly fitted with technologies that are at par with emission norms. Putting an end to plying of old cars will benefit in two ways. Firstly pollution will come down and along with that demand for new cars created. This will boost sell of new cars keeping a check on environment.” 
 “The shadow of demonetisation has affected car sales, much more so in the premium and luxury segments than the mass market ones. The upcoming budget can bring in relief for the automotive sector with further rationalisation of income taxes which would increase the disposable income in the hands of tax payers, especially the middle class. Also continued investment into road and city infrastructure is much needed, which will not only help car owners but is also a massive employment generator. Clarity on GST implementation and overall stable policy outlook will bring in the much needed optimism and positivity into the economy in general. People will be more prone to spending on larger items like cars when they have faith in long-term sustainable growth rather than on-the-spot announcements like the demonetisation one,” said <keyword id="3054707" type="UNKNOWN" weightage="20" keywordseo="Dhruv-Chopra">Dhruv Chopra</keyword>, Chief Marketing officer, <keyword id="817470" type="COMPANY" weightage="20" keywordseo="Carwale">Carwale</keyword>, an authoritative source of new car pricing. 
 
Another issue that this year’s budget needs to address is car hike. Already <a href="http://www.businessinsider.in/marutisuzuki-swift-2017-has-been-creatively-copied-from-at-least-5-different-cars-heres-the-proof/articleshow/56315268.cms">Maruti Suzuki</a> and <keyword id="596" type="CITY" weightage="20" keywordseo="Hyundai">Hyundai</keyword> have announced that they would be increasing the price of cars produced this year. “India is the third largest automobile market in the world, yet only 4% of the households have a car and 25% of the households have a two-wheeler and local public transportation is limited only to the metros. I really hope the budget actually paves way for millions of Indians to achieve the dream of owning a vehicle, going to a good school for education and facilitates transport independence,” said <keyword id="195858" type="PERSON" weightage="20" keywordseo="Sandeep-Aggarwal">Sandeep Aggarwal</keyword>, founder &amp; CEO of Droom that deals in old as well as new car. 
 Shubh Bansal, Co-founder of <keyword id="2877989" type="UNKNOWN" weightage="20" keywordseo="Truebil">Truebil</keyword>, a marketplace for pre-owned cars told Business Insider, “Scheme for the exchange of cars older than 10 years will be good. Apart from that implementation of GST and low tax slabs, tax rebate not just for consumers but also for <a href="http://www.businessinsider.in/marutisuzuki-swift-2017-has-been-creatively-copied-from-at-least-5-different-cars-heres-the-proof/articleshow/56315268.cms">NBFC</a>s providing loans to car buyers, increase in disposable income, excise duty reduction would boost the automobile sector.”

This budget may help every Indian to own a car? Here’s how

Gone are the days when bigger necessarily meant better for startups across the country. While a billion dollar valuation meant the world to upcoming entrepreneurs as early as a year back, with the global financial tides turning, the focus has shifted from big GMV figures to driving efficiency in business models. 
 
This comes at a time when well-funded hyper-local startups like <a href="http://www.businessinsider.in/searchresult.cms?query=PepperTap&amp;sortorder=effectivedate">PepperTap</a> have shut down and larger ones like Grofers and Zomato have been forced to scale down operations. The so called ‘unicorns’ are struggling to raise funds, and recklessness with investors' money is punished with tighter purse-strings. 
 
Meet <a href="http://www.businessinsider.in/searchresult.cms?query=Sandeep+Aggarwal&amp;sortorder=effectivedate">Sandeep Aggarwal</a>, co-founder of <a href="http://www.businessinsider.in/searchresult.cms?query=ShopClues&amp;sortorder=effectivedate">ShopClues</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=Droom&amp;sortorder=effectivedate">Droom</a>. He was a wall-street analyst who bootstrapped his venture with his own funds and angel money that he raised from his friends and family till he first received institutional funding to the tune of $4 million in January 2012. 
 
Interestingly, Aggarwal’s latest startup <a href="http://www.businessinsider.in/searchresult.cms?query=Droom&amp;sortorder=effectivedate">Droom</a> has a mere three employees in customer support. The company’s GMV to human resource ratio stands at $1 million annualized GMV per person. Aggarwal claims it’s the highest amongst startups in the country. His company is currently doing close to $170 million in annualized GMV. 
 
Business Insider sat down with Aggarwal to understand where machines can replace man, and where they can’t. 
 
Journey to automating <keyword id="2947589" type="UNKNOWN" weightage="60" keywordseo="Droom">Droom</keyword> 
While I’m proud of <a href="http://www.businessinsider.in/searchresult.cms?query=ShopClues&amp;sortorder=effectivedate">ShopClues</a>, we still had to hire hundreds in customer support, and I didn’t want to repeat that mistake. 
 
It took me over a month to conceptualize Droom as a wireframe. I still remember, there were 127 slides. I thought through the workflow cycle, where one may need to call customer support, and what can and can’t be automated. 
 
Today we have only one supervisor and three employees in customer support. 
 
Potential of <keyword id="294572" type="TECHNOLOGY" weightage="80" keywordseo="machine-learning">machine learning</keyword> 
<a href="http://www.businessinsider.in/searchresult.cms?query=Machine+learning&amp;sortorder=effectivedate">Machine learning</a> will allow us to have similar, if not better results in customers support. I think we can touch Rs. 250 crores in GMV per customer support employee. We can improve on that with keywords-based FAQs. One can also use IVR. 
 
 ‘Labor is cheaper than tech’ 
That’s the kind of thinking that has limited us to the services industry. It’s time we create quality product and platform companies. Human resource is cheap because it accounts for limited financial exposure, human errors and lack of reporting. 
 
Technology replacing employment 
Technology may deem some redundant. It’s their job to adapt and re-train themselves. That’s called survival for the fittest. That way people would actually end up earning more than they are currently. 
 If we wouldn’t have had built <keyword id="6357066" type="UNKNOWN" weightage="60" keywordseo="ShopClues">ShopClues</keyword>’ returns platform, over 500 people would have been doing returns alone. While from a socialist perspective you could say that employs 500 people, it drives severe inefficiencies in the supply chain. 
 
Is it a sector-specific problem? 
It’s all about the founder’s vision and mindset. There are three types of founders – the marketing guy, the ops guy and the product guy. You can throw money at a problem, and get it solved. Automation for the first time may have its own set of problems than deploying manual labor. 
 Consider this, <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword> is only 20-30% bigger than ShopClues in terms of GMV, but has a 7-8x bigger workforce. 
 
Challenges in automation in hyper-growth markets 
There is a price for everything. 
 
For hyper-growth sectors, you have to train yourself to ignore certain things. However, you shouldn’t be left trying to dig the well after the fire. 
 
The eternal debate that a machine doesn’t know right from wrong 
The best brain on earth is the human mind. There’s no substitute to that. 
 
However, in an assembly line scenario, there’s always the option to have a separate bin that can come under human inspection. Everything doesn’t boil down to a yes/no. Our technologies can also capture the scenario where there is no option but manual labor to step in. 
 
To scale quick, you have to automate certain processes. Repetitive things can actually burn human resources. Artificial Intelligence can anticipate how much information is worthy enough to process a decision. 
 
<a href="http://img.etimg.com/photo/51271877/image-4.jpg">Image Source</a>

Droom, a lesson in efficiency for startups

Online automobile marketplace <a href="http://www.businessinsider.in/searchresult.cms?query=Droom&amp;sortorder=effectivedate">Droom</a> founder-CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Sandeep+Aggarwal&amp;sortorder=effectivedate">Sandeep Aggarwal</a> in a conference in New Delhi claimed the company has grown around 1472x between January 2015 and April 2016.

	"Unlike most <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> companies, we're in a high gross margin business. Almost 100% of the money we make goes into our margins. While most <a href="http://www.businessinsider.in/searchresult.cms?query=e-commerce&amp;sortorder=effectivedate">e-commerce</a> companies spend around 17-20% of their GMV on marketing, ours is around 5%", Aggarwal said.

	<a href="http://www.businessinsider.in/searchresult.cms?query=Droom&amp;sortorder=effectivedate">Droom</a> claims to have a burn rate of 5.5% of its GMV and a gross margin of 98.4%. The company's annualized GMV stands at $160 mn.

	India's automobile market is currently the fifth largest in the world, and pegged at $125 bn. Its expected to grow up to $250 bn by 2020. 
	 
	<a href="http://economictimes.indiatimes.com/photo/48287813.cms">Image Source</a>

Droom claims to have grown 1500x in 16 months

<div class="image-container float_right" style="width:480px"><div class="image"><a href="http://video.cnbc.com/gallery/?video=1544809363">via CNBC</a></div></div>San Francisco-based technology sell-side analyst Sandeep Aggarwal was arrested yesterday by <keyword id="6355946" type="ORGANIZATION" weightage="60" keywordseo="FBI">FBI</keyword> agents in San Jose, California on <keyword id="6360088" type="ORGANIZATION" weightage="60" keywordseo="insider-trading">insider trading</keyword> charges, <a href="https://twitter.com/NewYorkFBI">the FBI New York bureau Tweeted.</a>
Today, the U.S. Attorney’s Office for the Southern District of New York announced criminal charges against Aggarwal. 
He has also been <a href="https://www.sec.gov/servlet/Satellite/News/PressRelease/Detail/PressRelease/1370539735656#.Uffj1XNeuAZ">charged by the Securities and Exchange Commission.</a>
Aggarwal, who lives in India and recently returned to the U.S., is accused of tipping off former SAC portfolio manager Richard Lee about a pending deal between <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword> and <keyword id="6363100" type="CITY" weightage="60" keywordseo="Yahoo">Yahoo</keyword>!. 
Last week, U.S. prosecutors said in a federal indictment that Lee pleaded guilty to insider trading charges. U.S. prosecutors said that Lee received non-public information in July 2009 about confidential talks between Yahoo! and Microsoft. 
Aggarwal worked as an analyst at Collins Stewart when he was allegedly passing the non-public information along. There were several articles about him from 2009 talking about a possible deal between Microsoft and Yahoo!. (See <a href="http://dealbook.nytimes.com/2009/03/04/yahoo-chief-says-microsoft-talks-will-be-private/">here</a>, <a href="http://allthingsd.com/20080926/yahoo-collins-stewart-says-fundamentals-deteriorating/">here</a> and <a href="http://blogs.barrons.com/techtraderdaily/2009/02/26/yahoo-the-rumors-return-kicking-butt-in-display-ads/">here</a>). 
He also has been employed with Oppenheimer &amp; Co. and Caris &amp; Co. 
Last week, Steve Cohen's $14 billion <keyword id="243146" type="COMPANY" weightage="60" keywordseo="SAC-Capital">SAC Capital</keyword> was <a href="http://www.businessinsider.com/sac-capital-indicted-2013-7">indicted by a federal grand jury on criminal charges of insider trading</a>. The hedge fund behemoth was charged with four counts of securities fraud and one count of wire fraud. Defense lawyers for the fund pleaded not guilty. 
Here are the Tweets from the FBI. 
<blockquote class="twitter-tweet">
New: Sandeep Aggarwal arrested yesterday by FBI agents in San Jose, CA on insider trading charges. Details to follow. <a href="https://twitter.com/SDNYnews">@SDNYnews</a>
— FBI New York (@NewYorkFBI) <a href="https://twitter.com/NewYorkFBI/statuses/362235618643808258">July 30, 2013</a></blockquote>

<blockquote class="twitter-tweet">
Aggarwal tipped Richard Lee, portfolio manager at <a href="https://twitter.com/search?q=%23SAC&amp;src=hash">#SAC</a> Capital, about pending deal between <a href="https://twitter.com/Microsoft">@Microsoft</a> &amp; <a href="https://twitter.com/Yahoo">@Yahoo</a>
</blockquote>


Here are some more details from the SEC's release:
The SEC alleges that Aggarwal learned confidential details about the significant progress of the Microsoft-Yahoo negotiations from his close friend at Microsoft on July 9, 2009, and he tipped Lee with the information during a telephone call the following day. When the information was reported in the media almost a week later, Yahoo’s stock price rose approximately 4 percent. S.A.C. Capital and Lee reaped substantial profits from the Yahoo shares that he purchased after speaking to Aggarwal.
 According to the SEC’s amended complaint filed in federal court in Manhattan, Aggarwal covered both Microsoft and Yahoo for his research firm and regularly received periodic updates from his inside source at Microsoft. Upon learning that Microsoft and Yahoo were potentially within two weeks of finalizing a deal, Aggarwal shared very specific details with Lee. Aggarwal assured him that the information came from a close friend at Microsoft who was reliable and accurate.

FBI Agents Arrested Tech Analyst Sandeep Aggarwal For Leaking Non-Public Info To A Former SAC Portfolio Manager

<ul class="summary-list"><li>Radhika Merchant and Anant Ambani are slated to get married on Friday in Mumbai.</li><li>Four Indian event planners shared what it's like to plan a big celebrity wedding.</li></ul>The wedding of the year is upon us.After rounds of opulent pre-wedding festivities, <a target="_blank" rel=" nofollow" class="editor-rtfLink" href="https://www.businessinsider.in/india/news/anant-ambani-and-radhika-merchant-to-wed-at-the-jio-world-convention-centre-in-mumbai-on-july-12/articleshow/110562426.cms">Radhika Merchant and Anant Ambani</a>, the youngest son of <a target="_blank" rel="" href="https://africa.businessinsider.com/local/markets/indian-billionaire-ambani-targets-african-telecom-market-with-new-venture/vwmsmgn">Asia's richest man</a>, are slated to get married on Friday in Mumbai.Their guests, who have so far included <a target="_blank" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Bollywood actors, Indian cricketers,</a> and <a target="_blank" href="https://www.businessinsider.com/bill-gates-mark-zuckerberg-among-expected-attendees-at-indian-wedding-2024-2">international business leaders</a>, will also attend events on Saturday and a reception on Sunday.During a pre-wedding event in March, Ambani said his mom worked 18 hours a day for the four months leading up to the parties."All this is created by my mother and no one else, and my mother has gone all out for the last four months," Ambani said, per a <a target="_blank" rel=" nofollow" href="https://www.youtube.com/watch?v=mmMh8KtrGaY&amp;ab_channel=BusinessToday">video</a> of the speech uploaded in March.Planning such an event takes a village, according to four wedding planners who spoke to Business Insider about what goes into organizing a multi-day Indian celebrity wedding.<h2 id="d3a9cac7-58b4-42c9-888b-817200ed450e">The biggest cost is the venue</h2>The planners BI spoke to said a typical multi-day wedding that they plan costs between five to 10 crore Indian Rupees, or about $1.2 million.Crore is an Indian term for 10 million; 1 crore rupees is around $120,000.Whether it's a big-ticket <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">wedding like the Ambani's</a> or the wedding of an upper-middle-class family, the breakdown of major costs in an Indian wedding look about the same, one event planner told BI.About 40% to 50% of the budget goes to the venue, which includes catering and rooms for the guests, said Nishita Aggarwal, the founder of The Event Designer, a Delhi-based wedding planning company.Next, 25% to 30% of costs go toward decorations, which include elaborate backdrops, tents, and floor-to-ceiling floral arrangements.<div type="image" title="pink backdrop at Indian wedding" height="3508" width="5262" msid="111674066" hostid="261"></div>About 10% is spent on entertainment. The Ambanis have hired Rihanna, <a target="_blank" href="https://www.businessinsider.com/ambani-pre-wedding-celebration-with-justin-bieber-performance-2024-7">Justin Bieber, </a><a target="_blank" href="https://www.businessinsider.com/anant-ambani-katy-perry-backstreet-boys-pre-wedding-party-2024-6">Katy Perry, The Backstreet Boys</a>, and Pitbull for pre-wedding functions in recent months.Other families spend a lot on artists including singers and celebrity DJs, said Purvi Modgil, a destination wedding planner based in Mumbai."If you plan to call three or four of them in different core functions, that can also add up to a good cost," she said.The remaining 10% usually goes into wedding gifts and logistics for the family and guests."Now, when it comes to a high-net-worth wedding or a celebrity wedding, everything becomes 10 times or hundred times" of that cost, Aggarwal said. "There is no bar on the budget."Planners' cost estimates of the Ambani wedding varied widely, from tens of millions of dollars to hundreds of millions of dollars.Anant's older sister <a target="_blank" href="https://www.businessinsider.com/ambani-richest-family-in-asia-india-lifestyle-home-wedding-photos-2018-12">Isha Ambani</a> got married in 2018 in a similarly lavish wedding, including a Beyoncé performance. While media outlets speculated about a $100 million price tag, a spokesperson for the Ambani-owned company, Reliance, said that it cost less than $15 million, <a target="_blank" href="https://www.forbes.com/sites/naazneenkarmali/2018/12/11/the-big-fat-ambani-wedding-celebrates-a-match-among-indias-billionaire-elite/#7cb474465992">per a Forbes article</a> at the time.A spokesperson for the family did not respond to a request for comment about the costs for Anant Ambani's wedding.The pre-wedding events have grabbed <a target="_blank" href="https://www.businessinsider.com/ambanis-throwing-another-pre-wedding-party-cruise-ship-2024-5">headlines</a> for months. With so many celebrities and business leaders angling for an invitation, the nuptials are also a business networking event, Aggarwal said.<h2 id="7190f45a-3ee9-4e5a-bf2a-0fef8f5de89f">Each main family member is assigned a 'shadow'</h2>Many couples don't want to host their weddings at venues where other high-profile families have already held nuptials, Aggarwal said."They want everything to be exclusive," she said. "The decor has to be something else that no one else has ever thought of. It is almost like a big movie set."For a big celebrity wedding, planners divide their staff into teams and hire hundreds of additional people leading up to and on the day of the ceremony.With chefs, waiters, light and audio teams, and decorators, about 500 people often work the event, Modgil said.The planners also assign butlers to each main family member. These staffers, called "shadows," hold their phones and gifts and ensure they stay hydrated and have everything they need."There are over 70 suppliers and vendors who we work with for each wedding," said Darshan Shroff, a Mumbai-based wedding planner. "I like to describe wedding planners in India as circus masters."<h2 id="07e84198-c3b3-4ae5-b860-565eaa82e3bd">Privacy and security are top concerns</h2>Many celebrity or influencer couples are particular about how their wedding is portrayed on the news and on social media.Planners have strict instructions that restrict posts from vendors about outfits, decor, or flowers before a set date. Most big weddings also collect the phones of their guests for privacy, and couples have teams that work with the media."You can't have too many people hanging out taking their pictures. It makes them very uncomfortable," Modgil said about celebrity guests and couples.Top security firms and even local authorities may sketch out safety plans."The minute there are some kind of celebrities, whether it's politicians or Bollywood, security becomes very important," Modgil said. "We've had separate people escorting them and even taking them back because sometimes they even get mobbed."The families and their guests are not always easy to please.Aggarwal said she has planned weddings where celebrity attendees call to confirm what type of hotel suite they will be staying in and what kind of car is coming to pick them up. Everything must match their lifestyle standard.<h2 id="f2b6f12d-16c9-4226-9b64-e59a5aa60374">Setting a blueprint for other weddings</h2>The Ambani wedding is already influencing how other Indians are envisioning and planning their own nuptials.The planners told BI that brides are asking them for the same designers that Radhika Merchant wore in her pre-wedding events, like the custom lehengas designed by Abu Jani Sandeep Khosla and Tarun Tahiliani.<div type="image" title="Radhika Merchant wore a Swarovski crystal lehenga designed by Abu Jani and Sandeep Khosla" height="691" width="1024" msid="111674067" hostid="261"></div>Planners expect the main wedding to leave an even bigger mark."Given the immense influence celebrities have, their weddings often become blueprints for future celebrations worldwide," said Bharat Jagasia, a Delhi-based wedding planner."For the Ambani wedding, I am particularly excited to see how they differentiate the main event from their pre-wedding functions," he said.The festivities are slated to kick off Friday at the Jio World Convention Centre, which is owned by the Ambani family. It can accommodate over 16,000 guests.July 12, 2024 — An earlier version of this story misstated Nishita Aggarwal's location. She is based in Delhi, not in Mumbai.

Behind the scenes of billionaire Indian weddings: Hired 'shadows,' phone bans, and a circus master to lead the chaos

<keyword id="2947589" type="General" weightage="100" keywordseo="droom" source="Orion">Droom</keyword>, <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>'s leading automobile e-commerce platform, which provides the largest selection of automobiles with over 1.4mn+ vehicles listed, has released its annual 'India Automobile Ecommerce Report' reports for Calendar Year (CY) 2022. As per the report, the SUV segment topped the chart in 4-wheelers and Hyundai Creta continued to be the most preferred choice followed by Kia Seltos which made its way up the list quickly becoming the new favourite among buyers. They were followed by Maruti <keyword id="5894046" type="General" weightage="50" keywordseo="suzuki-vitara-brezza" source="Orion">Suzuki Vitara Brezza</keyword>, Toyota <keyword id="3231108" type="General" weightage="50" keywordseo="innova-crysta" source="Orion">Innova Crysta</keyword> and Toyota Fortuner. Bajaj Pulsar emerged as the top preference in 2-wheelers followed by Hero Splendor Plus, Bajaj Pulsar NS, TVS Apache RTR, and Honda CB Shine. In the luxury vehicle segment, the Mercedes Benz E-Class became the most preferred luxury car followed by Jeep Compass, Mercedes Benz C Class and BMW5 Series whereas, in the 2-wheeler segment, Royal Enfield Interceptor came up in ranks and became a hot favourite followed by Harley Davidson Street 750 and <keyword id="480564" type="General" weightage="50" keywordseo="kawasaki-ninja" source="Orion">Kawasaki Ninja</keyword> ZX-10R. The share of an automatic transmission is on a steady rise from CY 2015 when it was 23 per cent to 33 per cent in CY 2022, up from 30 per cent in CY 2021 because of convenience and higher fuel efficiency and EV penetration continues to remain stagnant at 1 per cent of total vehicle sales across categories in India. The share of diesel vehicles fell from 60 per cent in CY21 to 53 per cent in CY22 due to the vehicle scrappage policy barring diesel vehicles older than 10 years from plying on the streets Premiumization is a trend in India heightened by Droom's pure-play e-commerce model, resulting in the average selling price for cars standing at 11.98 lakh and bikes being 55 thousand. This is primarily because physically branded dealers tend to focus only on mass-market whereas Droom caters to mass, mid, premium and luxury segment. Commenting on Droom's annual automobile trend report CY 2022, Sandeep Aggarwal, Founder and CEO, Droom said, "The automobile trend report of 2022 shows steady growth in the overall automobile market. The report indicates an increasing acceptance towards online automobile buying and this will only grow in the coming years. There is also a gradual but steady adoption of electric vehicles which will expand in the coming future." He further added, "Droom has been disrupting and redefining the age-old traditional automobile retailing through its innovative and asset-light ecommerce model. Our technology-driven integrated ecosystem of services has made selling and buying of automobile quick and easy. Droom is one of the largest transactional platforms that compiles data and findings and presents insightful and interesting analysis reports." With a pure-play e-commerce, asset-light, and technology-oriented business model, Droom has a presence in 1174 cities. The platform has seen significant growth in online buying with Delhi, Bangalore, Jaipur, and Hyderabad emerging as the largest markets for online transaction in CY2022. While online automobile selling and buying is prevalent in metro cities, the trend is also catching onto other cities like Bhiwani, Sangli, Ajmer, Sirsa, Gurgaon, Faridabad, Surat and Ghaziabad. The love for white color cars among customers is evident since it is the preferred choice since 2015. Droom offers a 21st-century E-Commerce experience for automobiles. Droom offers India's largest selection of automobiles with over 1.4 million vehicles listed online in 1,174 cities -- both used &amp; new, cars &amp; 2-wheelers, and other vehicles too. For buyers, Droom offers India's finest automobile buying experience online with trust, selection, low price, and convenience second to none. Droom is the market leader in the automobile e-commerce segment and since its inception, Droom has sold over 566K vehicles and served over 2.5 million happy customers with its products and services. Droom is among the most trusted consumer internet brands in India often recognized for its innovative approach and technology and is backed by marquee global investors including Lightbox, Digital Garage, Toyota Group, Recruit, Beenext, Beenos, 57 Stars and many multibillion-dollar family offices in SE Asia and Hong Kong. Droom was founded by Sandeep Aggarwal, the only tech entrepreneur in India who has funded two Unicorns back-to-back (ShopClues and Droom) and is a Singapore Holding Company with its subsidiaries in India and the United States. The company is headquartered in Gurugram, India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/vr-app-allows-users-to-revisit-memories-previously-recorded-on-their-smartphones/articleshow/98275527.cms">This app is straight out of Black Mirror — it lets you capture and revisit memories in virtual reality</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/google-pixel-7-long-term-review-a-premium-camera-centric-device-with-some-caveats/articleshow/98274785.cms">Google Pixel 7 long term review – a premium camera centric device with some caveats</a>

Hyundai Creta, Bajaj Pulsar emerge as the most popular car and bike: Droom report

<ul class="summary-list"><li><keyword id="11892747" type="UNKNOWN" weightage="60" keywordseo="india" source="Orion">India</keyword> minted four used-car unicorns between November 2020 and November 2021.</li><li>A growing middle class and the rise of the millennial generation is driving the sector's growth.</li></ul>Ram Goswami bought a five-year-old Nissan Terrano last year after getting rid of his sedan. He'd owned the sedan for over a decade, but increasing maintenance costs and repairs started to pinch Goswami's pockets. The marketing professional, who's based in Delhi, purchased the SUV for ₹350,000 ($4,662) — less than half its market price."I preferred a used car over a new car since I'm getting a good deal," Goswami, 37, told Insider."If someone has enough money and doesn't need a loan, then he can go for a new car. But <keyword id="11939507" type="UNKNOWN" weightage="60" keywordseo="used-cars" source="Orion">used cars</keyword> are a blessing for people like me," Goswami added.Niroop Rajan, a techie from Bangalore, picked up a 10-year-old BMW luxury sedan last year for ₹700,000 ($9,318). It's his first car, and for him, owning a car is a status symbol."The emotion I felt from driving my parents in my car for the first time was overwhelming. It doesn't matter if it's a used one. I was overjoyed," Rajan, 31, said.While the two millennials live two thousand kilometers apart, Goswami and Rajan are part of a massive churn in India's automobile industry. Both Goswami and Rajan purchased used cars – a rapidly growing segment in India powered by digital disruption, newfound love from millennials, a buffet of financial options, and pandemic travel restrictions.<h2>Four new used-car unicorns</h2>It's a good time to be a used-car startup in India.For every new car sold in the country last year, about 1.4 used cars were sold, up from <a href="http://www.indianbluebook.com/storage/app/media/Insights/India-Pre-Owned-Car-Market-Report-3rd-Edition-2019.pdf">1.2 before the pandemic.</a>Between November 2020 and November 2021, four India-based startups that exclusively sell used cars became unicorns (startups valued at $1 billion or more) and minted a record amount of investment. India is home to about 80 unicorns total.The four startups – Cars24, Droom, Spinny, and CarDekho – raised over $1.5 billion total from global marquee investors. That's more than what these platforms raised in the previous five years put together, figures from their valuation announcements show.Market leader Cars24 saw its valuation nearly double within three months late last year. In September, it was valued at $1.84 billion; the latest funding round in December put the valuation at $3.3 billion. The company is expanding its global footprint with new branches in Australia and the UAE, and it's <a href="https://www.exchange4media.com/marketing-news/cars24-announces-international-expansion-now-operational-in-uae-australia-113641.html">eyeing the Southeast Asian market.</a> Those pouring the money include New York-based investment firm <a href="https://www.spinny.com/about-us/">Tiger Global,</a> American giant <a href="https://india.sequoiacap.com/india/companies/cars24/">Sequoia Capital</a>, <a href="https://economictimes.indiatimes.com/tech/funding/cardekho-enters-unicorn-club-with-250-million-funding-led-by-leapfrog-investments/articleshow/86973768.cms">LeapFrog Investments</a>, Abu Dhabi-headquartered <a href="https://tracxn.com/d/companies/spinny.com">ADQ</a>, and China-based venture capital firm <a href="https://www.cars24.com/blog/cars24-raisesi-450-million-nearly-doubles-its-valuation-to-1-84-billion/">DST Global.</a> And in December, India's star sportsman Sachin Tendulkar <a href="https://auto.economictimes.indiatimes.com/news/aftermarket/sachin-tendulkar-invests-in-used-car-platform-spinny/88276324">invested an undisclosed amount </a>in Spinny.<h2>The pandemic and millennials are behind the change</h2>The pre-owned car market started to outpace the new car market during the pandemic. The poor economic situation dented the demand for new cars, and the global semiconductor shortage prolonged the waiting period. Public <keyword id="11894924" type="UNKNOWN" weightage="100" keywordseo="transportation" source="Orion">transportation</keyword>, too, has taken a hit. "What happened in the last year during the pandemic is that the way people commute has changed," said Kushal Bhatnagar, an engagement manager at consulting and research firm RedSeer. "During the pandemic era, the usage of [ride-hailing services] Ola and Uber dropped. Shared mobility as a concept declined in India."All these factors have had an unintended spillover on the used car market, providing a jumpstart for startups like Droom, an online-only marketplace that offers fair pricing assessments and digitized vehicle histories.<div type="image" title="Droom CEO Sandeep Aggarwal" height="2661" width="3547" msid="90288740" hostid="261"></div>Droom CEO Sandeep Aggarwal said the growth in India's used-car market is driven by the country's growing middle class and the rise of a young population armed with disposable income."We get about 16 million monthly user traffic and about 75% of them come from millennials," Aggarwal told Insider. Indeed, millennials make up 80% of the buyer base for used cars, one <a href="https://www.motownindia.com/Bureau/Auto-Industry/3192/Millennials-Gen-Z-appetite-for-used-cars-on-the-rise-Cars24-Ipsos-Report-Motown-India-Bureau">industry research</a> found.The CEO added that the demand for used cars in India is reflective of a change in generational mentality."'My father had a scooter. After working for 25 years, he bought his first car at the end of his career. I don't want that. I want a car now,' is what a millennial thinks," Aggarwal said. "This aspirational value has been embedded in the generation of Indian millennials."<div type="image" title="Motorbikes and scooters lined up in India." height="2448" width="3264" msid="90288741" hostid="261"></div>The type of demand in the market is also shifting, two industry insiders said."Often what we see is someone will prefer a four-year-old gently used BMW for 1.2 million rupees ($16,000) to a brand new Honda city for the same amount," Aggarwal said."A lot of people who owned two-wheelers now want a car for their family and their obvious choice is a used one. The age group driving this growth is between 30 and 35," echoed Anurag Jain, the cofounder of CarDekho.<h2>Moving towards a focus on the user</h2>With an estimated <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">30,000 brick-and-mortar dealers</a> across the country, India's used-car market is a highly fragmented area dominated by mom-and-pop operations. Until about five years ago, most used-car services were seller-centric listing services. The segment was riddled with untrustworthy agents and cumbersome paperwork.But this is slowly changing. The segment is moving towards user experience-focused systems and buyer-focused business models.Consider CarDekho, a 14-year-old company that hit unicorn status in October. The marketplace offers end-to-end services such as doorstep pickup, financing options, insurance, post-service warranty, and long-term maintenance packages."In India, it will not be a pure-play digital transaction where one book and get the car delivered to home. Most of India will be O-to-O (online-to-offline), a blend of the digital and offline marketplace," Jain told Insider.<div type="image" title="A used car lot in India" height="1908" width="2544" msid="90288743" hostid="261"></div><h2>The road ahead</h2>While the demand for pre-owned cars <a href="https://www.ft.com/content/6617dc19-6302-42b6-9c98-94faecb0dd8c">has soared across the world</a>, India is a hugely under-penetrated market. Only <a href="https://www.census2011.co.in/hhassets.php">about 4% of households</a> in the country own a car.Globally, China leads the used-car market with 21.4 million units sold in 2019, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer</a>. The US follows in second place with 17.5 million used cars sold in 2019. India is in fifth, with 4.4 million units sold.The country's automotive industry is expected to be worth $300 billion by 2026, per an <a href="https://www.ibef.org/industry/automobiles-presentation">estimate</a> from government-backed think tank India Brand Equity Foundation. The business of pre-owned vehicles stands to play a key role in this growth. From the 4.4 million used cars purchased in 2021, numbers are expected to almost double in five years, per <a href="https://redseer.com/newsletters/indias-used-car-market-is-unstoppable-with-its-steady-and-tech-driven-growth/">RedSeer's forecast</a>.For now, India's used-car unicorns are aggressively adding more manpower and markets to capitalize on opportunities. Droom and CarDekho are eyeing a public listing in the coming months."If we look at the large economies like the US, Western Europe or Japan, we're talking about 70%+ adoption of cars," said Droom's Aggarwal. "In India, the motorization adoption is set to grow from 22 cars per 1000 people to 200 cars per 1000 people in three decades."

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