BharatPe cofounder Ashneer Grover unveils new startup The Third Unicorn, asks VCs to stay out

Beleaguered BharatPe cofounder Ashneer Grover gave a sneak peek into his latest venture - the Third Unicorn - through LinkedIn on Monday.

“We at Third Unicorn have been quietly and peacefully building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently,” Grover said in his post.

His post came hours after the Delhi High Court gave Grover and his wife Madhuri Jain - the former head of controls at BharatPe - more time to file their response in the ongoing legal suit filed by the fintech firm alleging both of misappropriation of funds and corporate misconduct. The court asked Grover to maintain decorum.


In his post, Grover also highlighted an overarching framework of his upcoming venture. Taking a dig at the venture capital (VC) community, Grover said he only believes in “desi” (homegrown) or “self-earned” capital.

The team at Third venture will not be more than 50 members and the idea will be to “generate $1 billion in revenue”. He said the startup would not have a regular board like in other companies, referring to his soured relationship with investors and board members following the high-pitched controversy at his former firm BharatPe.

He suggested that prospective investors should reach out to him directly even as he promised to gift a Mercedes to all working with him once his venture completes five years.

Also read: In 5 stories: BharatPe's tumultuous year

Ongoing court battle

Grover and his wife Jain are embroiled in a bitter legal battle with BharatPe after allegations of financial irregularities surfaced in January 2022, leading to their exits from the fintech startup.

The Delhi High Court on Monday granted Grover, his wife Madhuri Jain Grover, and their family members more time to file responses to a legal suit filed by the fintech firm, which has sought Rs 88 crore in damages for alleged misappropriation of funds and reputational harm.

The court asked Grover – through his legal counsel - to maintain decorum and not speak against the company and its executives.

In December, BharatPe filed civil and criminal suits against the defendants and a complaint filed with the Economic Offences Wing (EOW).

It also approached the Singapore International Arbitration Centre (SIAC) seeking to claw back Grover's restricted shareholding in the company, ET reported on December 10.

The entire controversy first began in January 2022 after an audio clip of an expletive-laced tirade against a Kotak Mahindra Bank employee - allegedly by Grover - surfaced on social media.

According to the audio clip, the lender had refused Grover financing for a personal investment in omnichannel beauty retailer Nykaa’s Initial Public Offering.

Also read: 2022 Year in Review | The Ashneer Grover-BharatPe saga