Ashneer Grover has finally spilt more beans about his new startup, named Third Unicorn, which he registered mid of 2022, but kept the business model under wrap.
Without disclosing much of its future strategies, Ashneer wrote a cryptic post on LinkedIn, suggesting VCs stay away.
Please stay clear of “VCs-SheCs.” We only use Desi/Self-earned Capital,” he stated in the document that was shared by ex-BharatPe MD via LinkedIn.
This implies that the company will follow the bootstrapped model and stray away from the ‘raise and acquire’ strategy followed by almost every Indian startup nowadays. However, in contrast, he also requested potential investors to “get ahold of him” to be able to join Third Unicorn’s cap table.
While Grover sets the revenue target of $1 billion with just 50 employees on the roll, he has not disclosed anything about the future plans of the company that he founded nearly 6 months ago.
Third Unicorn Private Limited has a list of objects as per the documents filed with the Ministry of Corporate Affairs (MCA). The document reveals that the company is established to offer an array of software services including “software designing, development, customisation, implementation, maintenance, testing and benchmarking. It also offers 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.
These objects include the development, provision, undertaking, designing and exporting of systems, as well as application software for microprocessor-based systems.
There are currently only two directors in Third Unicorn. Ashneer Grover and his wife Madhuri Grover. However, the company is owned by Ashneer itself as he holds 9,90,000.000 equity shares while Madhuri Jain Grover has the remaining 10,000 equity shares.
However, Grover seems to have set some tough goals for himself. He aims to book Rs 8000 crores in revenue with just 50 employees in the startup. He has also asked the interested candidates to reach out to him via an email ID provided by him in the brief deck. To attract the most deserving talent to his new startup, the former Shark Tank judge has also offered Mercedes or BMW to employees who would successfully complete five years in the company. Ashneer’s strategy to lure talent by offering luxury cars and motorbikes during the time of the talent war is nothing new. With his previous company, BharatPe, he employed a similar strategy when he stunned everyone by offering BMW bikes to new joiners.
Third Unicorn is Grover’s third venture. He was part of the founding teams at Blinkit, formerly Grofers, and BharatPe.
Although his departure from Blinkit was mostly silent, the BharatPe and Ashneer Grover saga is far from getting over anytime soon. The parties are currently in a lengthy legal battle. The former filed a defamation lawsuit against the latter, seeking damages of INR 88.7 Crore.
