Ashneer Grover Is Back! Starts New Startup, Incorporates As “Third Unicorn”

After BharatPe, it’s Third Unicorn! A few weeks after Ashneer Grover hinted at launching a new venture, he, along with his wife Madhuri Jain, has incorporated a new company – Third Unicorn Private Limited.

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 his 40th birthday, Grover had tweeted saying, “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 !!”

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, customisation, 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.

The list of objects is elaborate but doesn’t specify any sector.

Earlier, Grover was the Managing Director and cofounder at fintech firm BharatPe. However, he found himself in controversy after allegations of him abusing Kotak Mahindra Bank employees surfaced. The issue was hardly over, when Grover got involved in a spat with BharatPe’s key investors and board members.

In March, the startup alleged that Grover and his wife made payments to fake vendors and siphoned money from the startup. By then, Grover had already resigned from the board.

After months of public mudslinging, Grover is once again in focus with the new startup. As of now, he holds 9,90,000 equity shares of Third Unicorn, while his wife Jain holds 10,000 equity shares.

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