In 2017, Sandeep Aggarwal came out in the media and made serious allegations against his wife Radhika Aggarwal and Sanjay Sethi.
Success is not a fluke and turning any business into a success is one of the most challenging tasks in the world. In this article we will talk about such a businessman who rose from a modest background and created not one, but two unicorn companies. Life threw many tough tests at him, but he never gave up. Even when his established unicorn business was taken away, he built another equally successful unicorn from scratch. This is the story of Sandeep Aggarwal. For those who feel defeated, this story is like a lifeline.
Sandeep Aggarwal was born in 1972. He had an interest in commerce and technology. During his school years, he struggled to speak English properly, but in 1994, he earned a bachelor's degree in commerce from Kurukshetra University in Haryana. He then completed his postgraduate studies at the Institute of Management Studies in Mumbai and went on to earn an MBA from Washington University in St. Louis. He has also published his autobiography titled "Fall Again, Rise Again."
After earning his MBA, Sandeep focused on finance and technology. He worked with several renowned companies on Wall Street for 12 years. Later, he moved to Gurgaon (now Gurugram) and founded a company called Shopclues, an online marketplace in India where small and medium-sized businesses could sell their products. Before this, platforms like Amazon and Flipkart dominated the market, leaving little room for smaller firms. People appreciated Sandeep's idea, and Shopclues grew rapidly, quickly reaching a valuation of $1 billion.
According to various media reports, in 2013, Sandeep Aggarwal was on vacation with his family in the United States and was also trying to raise more funds for his company during this trip. However, things did not go as planned. During this trip, the FBI arrested him. His passport was confiscated, and he was barred from leaving the country. Sandeep sent his family back to India, but he was stuck in the US.
Sandeep Aggarwal was accused of insider trading. It was alleged that he had shared non-public information about a Microsoft and Yahoo deal with a hedge fund, which is a criminal offense. This incident dated back to 2009. Following this, Sandeep had to step down from his position at Shopclues, although he remained a stakeholder in the company.
When Sandeep had to step down from Shopclues, everyone who knew him thought his career was over. In an interview, he said, “I was arrested for a role I had willingly left in 2009… I was prosecuted. I had to stay in the US. for 13 months without my family, children, and work… I suffered many losses, both emotionally and financially, and had to step down from Shopclues. I lost my reputation, career, and family. No one wanted to associate with me. Until July 2013, this dark period was my fate.”
Fate brought many challenges and obstacles, but a true businessman is accustomed to enduring such hardships. Sandeep Aggarwal swallowed those bitter pills and prepared for a new journey. In the same interview, he said, "Hope, dedication, and passion kept me alive. I always hold on to hope, and I never say no to any challenge."
In 2014, Sandeep Aggarwal launched Droom, an online marketplace for buying and selling used vehicles. He introduced a remarkable feature called OBV (Orange Book Value) and created an ecosystem for service inspection and verification.
Between 2015 and 2018, Droom performed reasonably well. The company started receiving funding from venture capital firms, which helped expand its services across India. By 2018, Droom had become a major player in the Indian automotive market.
In 2017, Sandeep Aggarwal came out in the media and made serious allegations against his wife Radhika Aggarwal and Sanjay Sethi. He claimed that there was a conspiracy to remove him from Shopclues. These allegations led to public disagreements between Sandeep and Radhika Aggarwal.
In 2018, divorce proceedings between Sandeep and Radhika Aggarwal moved forward. The media covered everything from custody battles to asset division. It is not publicly known whether the divorce was finalised or not. Who was right and who was wrong cannot be determined, but it is clear that Sandeep Aggarwal is a seasoned businessman. Despite various media reports, he remained focused on his business. From 2019 to 2021, Droom continued to receive funding from several major firms and expanded further.
There is no specific report on Sandeep Aggarwal's total assets. Since his company is not listed, it is also difficult to determine his net worth. However, in 2023, Sandeep Aggarwal told news agency ANI that the company might go public by March 2025.
In an interview with ANI, Sandeep Aggarwal claimed that his company sold used cars worth Rs 24,000 crore in just one year. The business continues to grow, and they are preparing for an IPO by early 2025. Sandeep also mentioned that he is an angel investor and has invested in 62 companies as of November 2023.
It is worth noting that Droom competes directly with companies like Spinny, Cars24, and CarTrade. Droom entered the unicorn club in 2021 when it secured a $200 million investment from new investors like 57Star and Seven Train Ventures.
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