Ashneer Grover Asks VCs To Steer Clear Of His ‘Third Unicorn’

Launching a teaser document about his new company, Third Unicorn, Ashneer Grover said that venture capitalists (VCs) should steer clear.

“VCs-SheC’s, please stay away. We use only Desi/Self-earned capital,” mentioned the document shared by the ex-BharatPe MD on LinkedIn, implying that the company will only raise funds from India-based investors. However, he also asked potential investors to ‘get a hold of him’ directly to join the cap table at Third Unicorn.

Incidentally, while Grover launched the company in July 2022, there is still no information available about what the company would do. Third Unicorn Private Limited, as was mentioned on the company’s documents filed with the Ministry of Corporate Affairs (MCA), has a list of objects, however.

These 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 centres 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.”

The objects also include developing, providing, undertaking, designing, importing, exporting, distributing and dealing in systems and application software for microprocessor-based information systems.

As of now, Ashneer Grover holds 9,90,000 equity shares of Third Unicorn, while his wife Madhuri Jain Grover holds 10,000 equity shares. However, there is still no information as to which sector the company would be operating in.

Grover’s document also mentioned details on the kind of team that would be a part of Third Unicorn. For starters, he said that the startup would not have a team of more than 50 people. He also invited people to work for his new venture by sharing an email ID for potential employees to send in their resumes.

The startup would also aim for revenue of $1 Bn, the document reads. Third Unicorn is Grover’s third venture, having been a part of founding teams at Blinkit (erstwhile Grofers) and BharatPe. 

While his exit from Blinkit did not make any headlines, the BharatPe-Ashneer Grover saga has been long-drawn-out as the parties are currently embroiled in a legal battle as the former filed a defamation suit against the latter, seeking INR 88.7 Cr in damages.