Co-founder Brings ‘Zerodoc’ to India’s Fintech Sector: Ashneer Grover Launches App Offering Instant Pre-Approved Medical Loans up to ₹5 Lakh
Ashneer Grover, co-founder and former managing director of BharatPe, has made a second entry into the fintech sector with the medical loan app ‘Zerodha’. According to Google Play Store listings, ‘Zerodha’ has been developed by Third Unicorn Private Limited, which provides loans with durations of 3, 6, 9, and 12 months.
Zerodha has partnered with Delhi-based non-banking financial company (NBFC) Mukut Finvest to provide instant pre-approved medical loans of up to 5 lakh rupees. However, this service is available primarily at partnered hospitals.
In January 2023, Ashneer Grover launched Third Unicorn, along with his wife Madhuri Jain Grover and Chandigarh-based entrepreneur Aseem Ghavri, after leaving BharatPe. Third Unicorn made its debut with cricketpay, competing against apps like Dream11, Games24x7, and My11Circle.
Co-founder Ashneer Grover has been embroiled in controversies since 2022. The main reason behind this was a viral audio where he was heard using derogatory language towards an employee of Kotak Mahindra Bank. Additionally, he was also accused of behavior contrary to the company’s rules.
Upon receiving complaints against Ashneer and his wife, the company decided to conduct an investigation. During this investigation, Ashneer’s wife, Madhuri Jain Grover, was found to be involved in the misappropriation of funds. Allegations were made against her for using company funds for personal beauty treatments, purchasing electronic products, and funding family vacations to the USA and Dubai.
Payments to private staff were also made from the company’s accounts, and fake receipts were presented to acquaintances. Subsequently, they were both terminated from the company. Following this, Ashneer appealed against the decisions of his own company in the Singapore International Arbitration Centre (SIAC). However, he faced defeat in this endeavor as well. Consequently, in March 2022, Ashneer had to leave BharatPe.
FinTech, short for Financial Technology, refers to the use of technology in online financial transactions. It encompasses activities such as online banking, digital lending, cryptocurrency, and other financial services conducted through digital platforms or applications.
