Ex-BharatPe MD Ashneer Grover plans to raise $200-300 million for a new business endeavor
- ByStartupStory | June 20, 2022
On the condition of anonymity, two persons with direct knowledge of the situation stated that former BharatPe chief executive and co-founder Ashneer Grover is in negotiations with US-based family offices and offshore private equity investors to finance $200-300 million for a new venture. He may start with part of his personal money. He may eventually sell a portion of his BharatPe holding or acquire new funds by offering stock in the new firm. In relation to his new endeavour, he has met with at least six investors. Right now, the discussions are only getting started, stated one of the persons mentioned above remarked.
Grover owns about 8.5% of BharatPe, a $3 billion company. His BharatPe stake has found purchasers. This individual also stated that the transaction price is something that has to be negotiated. Grover is now in the United States. While it is unclear in which industry Grover will put his entrepreneurial abilities to the test next, Grover said on Twitter on Tuesday, while celebrating his 40th birthday, that he is ready to re-enter the business world with intentions to develop another “unicorn.”
Grover teased that the new company will “disrupt another industry.” Grover has been primarily out of India and keeping a quiet profile since his contentious ouster from BharatPe amid claims of financial irregularities. The excitement about his fundraising ambitions contrasts with one of his recent pronouncements, in which he stated that he will not seek investors for a planned business and that he will make the new enterprise successful.
Grover became the third co-founder of BharatPe, a merchant payments firm, in 2018. He was placed on vacation in January of this year after an audio tape of him becoming confrontational with a Kotak Mahindra Bank employee appeared online. Grover and his wife, Madhuri Jain, were later accused of financial misdeeds, leading to their dismissal from the firm in March. Grover’s role as the face of BharatPe helped the company become a unicorn in August of last year. When a company’s valuation exceeds $1 billion, it is referred to as a unicorn.
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