A civil penalty of $32,500 was levied by SEC, which Aggarwal has paid. The SEC had barred him from working as a security market analyst or as an investment advisor, which will continue.
In 2015, Aggarwal had to step down as chief executive of ShopClues
after being charged with insider trading
allegations in the US. He was charged by the DoJ and sued by the SEC in July 2013, relating to events that took place in July 2009. He founded Droom
Aggarwal was a Wall Street analyst before he co-founded ShopClues
with his then wife Radhika in 2011. One of the youngest and most promising unicorns valued at $1 billion and above, ShopClues had its share of controversies — the most public of which was a fallout between its co-founders.
His focus now is on building Droom, and taking it to an initial public offering in the next two years.
According to Aggarwal, Droom
did $1.2 billion in gross merchandise value (GMV) in 2019 — an increase of 65 per cent from the year-ago period.
recorded revenue of $32 million last year and this year expects $2.1 billion in GMV, $63 million in net revenue, followed by a $3 billion GMV and $120 million in net revenue.
“We plan to get listed on the Nasdaq. Unless we pick new battles, we should be fully profitable by the end of this year,” added Aggarwal.
Beginning November 2018, Droom launched in Malaysia, Singapore, and Thailand. In the next 18 months, Aggarwal plans to expand to three Southeast Asian countries — Indonesia, the Philippines, and Vietnam and three West Asian countries — the United Arab Emirates, Saudi Arabia, and Oman.