After the BharatPe debacle, Ashneer Grover along with his wife Madhuri Jain Grover incorporated a new company named Third Unicorn Private Limited, as per data accessed through Tofler. The Memorandum of Association (MoA), as accessed by Inc42, was signed on July 5. The date of incorporation is July 6 and its registered office is in Delhi.
As per the MoA document, Grover and Jain are the directors of Third Unicorn. The total capital share of the company is INR 20 Lakh and each share is valued at 1 rupee. On the other hand, the company’s paid-up capital is INR 10 Lakh.
On June 14, while posting on his birthday, Grover tweeted, “Today I turn 40. Some will say I’ve lived a full life and experienced more things than most. Created value for generations.” “Time to disrupt another sector. It’s time for the Third Unicorn,” he added, hinting at the company’s name.
After an ugly exit from BharatPe, the fintech company he co-founded with Shashvat Nakrani, Ashneer Grover seems to have moved on. The Shark Tank India judge, along with his wife Madhuri Jain, incorporated a new company on Wednesday, July 6, 2022.
While the sector in which the company would operate is not yet clear, it can be derived from the MoA that it would be a tech-enabled platform. The objects to be pursued by the company on its incorporation include carrying on “the business of software designing, development, customization, implementation, maintenance, testing and benchmarking, designing, developing and dealing in computer software and solutions, and to import, export, sell, purchase, distribute, host (in data centers or over the web) or otherwise deal in own and third party computer software packages, programs and solutions, and to provide internet/web-based applications, services and solutions”.
Among others, the objects also include developing, providing, undertaking, designing, importing, exporting, distributing, and dealing in systems and application software for microprocessor-based information systems.
Grover’s company was incorporated on July 6 and has both Grover and Madhuri Jain Grover, who was previously Head of Controls at BharatPe, as directors, according to the data available on Tofler. Moreover, Third Unicorn Private Limited has an authorized share capital of Rs 20 lakh and a total paid-up capital of Rs 10 lakh. It aspires to serve in computer and related activities across India, according to companydetails.in
The 40-year-old entrepreneur has been in the news for good initial months of 2022. Grover was previously MD and co-founder at BharatPe, which had joined the unicorn club in August last year.
Grover had tendered his resignation from the company in March saying that he had been ‘vilified’ and treated in the ‘most disrespectful manner’ since the beginning of the year. The next day on March 2, BharatPe board said that the final findings of the internal governance review have found Grover and his family members guilty of fraud. The fintech firm stated that it reserves the right to take further legal action against co-founder Grover and his family.
Prior to his stint at BharatPe, Grover was associated with Grofers, another unicorn, as its Chief Financial Officer until August 2017. Before BharatPe, Ashneer Grover was associated with Grofers, another unicorn. He was the Chief Financial Officer at Grofers (now Blinkit) until August 2017. Hence, the reference to building a ‘third unicorn’.