Former BharatPe chief executive and co-founder Ashneer Grover is in talks with US-based family offices and offshore private equity players to raise $200-300 million for a new business, two people with direct knowledge of the matter said on the condition of anonymity.
“He may use some of his personal wealth to start with. Eventually, he may either sell a part of his stake in BharatPe or raise fresh capital by issuing a stake in the new company. He has met at least six investors regarding his new venture. Discussions are preliminary right now,” said one of the people cited above.
Grover owns 8.5% of BharatPe, which is valued at around $3 billion. “There are buyers for his BharatPe stake. The transaction price is something one has to negotiate,” said this person.
Grover is currently in the United States. While it is unclear in which industry Grover will put his entrepreneurial skills to the test next, Grover revealed on Twitter on Tuesday, while celebrating his 40th birthday, that he is ready to re-enter the business world with plans to build another “unicorn”.
Grover stated that the new company would “disrupt another sector.” Grover has been primarily out of India and keeping a low profile since his controversial exit from BharatPe over allegations of financial irregularities.
“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’s tweet.
