Ex-BharatPe MD Ashneer Grover to raise $200-300 million for new venture

Ashneer Grover, who is currently in the US, may sell his BharatPe stake or raise fresh capital by issuing a stake in the new company

Former BharatPe chief executive Ashneer Grover is planning to raise $200-300 million for starting a new business, a media report said on Thursday.

 

According to a Livemint report, Grover, who is currently in the US, may sell his BharatPe stake or raise fresh capital by issuing a stake in the new company. 

 

The former investment banker owns 8.5 per cent of BharatPe, valued at around $3 billion.

 

"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.

ALSO READ - Ashneer Grover says he'll start his own venture without investors

 

It is not known which sector this 40-year-old will venture in. In a tweet on Tuesday, Ashneer Grover said he is ready to re-enter the world of business with plans to build another "unicorn", and the new startup would "disrupt another sector".

 

"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.

In January, Ashneer Grover was sent on a leave of absence after an audio clip surfaced online where he was heard being aggressive with a Kotak Mahindra Bank employee. Later, Grover and his wife Madhuri Jain were stripped of all company titles over alleged "extensive misappropriation of company funds" and using "company expense accounts" to "enrich themselves and fund their lavish lifestyles".

During the TiECon-2022 startup event in May, Grover said he plans to start his venture without seeking funds from the investors. "I don't want to go to the investors again," Grover told a panellist, adding that his tussle with BharatPe is a "badly fought corporate battle".

As the face of BharatPe, Grover helped turn the fintech into a unicorn in August last year after raising $370 million led by Tiger Global. A startup is termed a unicorn when its valuation crosses $1 billion.