Ashneer Grover, the former MD of BharatPe, plans to fund $200-300 million for a new venture
Ashneer Grover, who is currently in the United States, may sell his stakes in BharatPe or raise new funds by issuing a stake in the new firm.
Image Source: GNPTimes
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According to a media report published on Thursday, former BharatPe CEO Ashneer Grover is planning to raise $200-300 million to launch a new firm.
Grover, who is now in the United States, may sell his BharatPe stock or acquire additional funds by issuing a stake in the new business, according to a Livemint article.
BharatPe is worth roughly $3 billion, and the former investment banker controls 8.5 percent of it.
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“There are buyers for his BharatPe stake. The transaction price is something one has to negotiate,” the Livemint report said, quoting a person in the know.
It’s unclear the industry this 40-year-old will pursue. Ashneer Grover claimed in a tweet on Tuesday that he is ready to return to the business world with ambitions to launch another “unicorn” that will “disrupt another area.”
“Today, I turn 40. Some will say I’ve lived a full life and experienced more things than most. Created value for generations. For me, it’s still unfinished business, “said Grover.
Today I turn 40. Some will say I’ve lived a full life and experienced more things than most. Created value for generations. For me it’s still unfinished business. Time to disrupt another sector. It’s time for the Third Unicorn !! pic.twitter.com/wb7ZQe41FY
— Ashneer Grover (@Ashneer_Grover) June 14, 2022
Ashneer Grover was placed on vacation in January after an audio clip of him becoming belligerent with a Kotak Mahindra Bank employee appeared online. Grover and his wife, Madhuri Jain, were later removed of their business titles after being accused of “gross theft of company cash” and utilising “company expense accounts” to “enrich themselves and fund their luxurious lifestyles.”
Grover stated during the TiECon-2022 startup event in May that he intends to launch his company without seeking funding from investors. Grover told a panellist, “I don’t want to go to the investors again,” and that his battle with BharatPe is a “badly fought corporate battle.”
Grover’s role as the face of BharatPe was important in the fintech’s transformation into a unicorn in August of last year, when it raised $370 million from Tiger Global. When a company’s valuation exceeds $1 billion, it is referred to as a unicorn.