BharatPe's co-founder makes a comeback in the fintech industry.
.png)
Ashneer Grover introduces 'ZeroPay', an innovative application that offers immediate pre-approved medical loans of up to Rs 5 lakh.
Ashneer Grover, co-founder and former managing director of BharatPe, has made his second foray into the fintech sector with the introduction of the medical loan app 'ZeroPay'. The app, developed by Third Unicorn Pvt Ltd, offers loans with durations of 3, 6, 9, and 12 months, as stated in its listing on the Google Play Store.
To provide these loans, Zeropay has partnered with Mukut Finvest, a non-banking financial company (NBFC) based in Delhi. Through this collaboration, Zeropay offers instant pre-approval medical loans of up to Rs 5 lakh. However, it is important to note that this service is currently only available in partnered hospitals.
It is worth mentioning that Ashneer Grover had previously launched Unicorn in January 2023. Following his departure from BharatPe, Ashneer Grover, along with his wife Madhuri Jain Grover and entrepreneur Aseem Ghavri from Chandigarh, launched the third Unicorn in January 2023. The third unicorn made its debut with CricPay, a direct competitor to popular apps like Dream11, Games24x7, and My 11 Circle.
Ashneer Grover, the co-founder, has been embroiled in controversies since 2022.
Ashneer Grover, the co-founder of Bharat Pay, has been embroiled in controversies since 2022. The primary cause of these controversies was the circulation of an audio recording featuring Ashneer using derogatory language towards an employee of Kotak Mahindra Bank. Additionally, he faced allegations of violating the company's regulations.
Following a complaint against Ashneer and his wife, the company initiated an investigation. During the investigation, it was discovered that his wife, Madhuri Jain Grover, was involved in embezzlement. She was accused of utilizing company funds for personal beauty treatments, purchasing electronic products, and funding a family vacation to America and Dubai.
Furthermore, payments were made to personal staff from the company's account, and fabricated receipts were created and presented to known individuals. Consequently, Ashneer was terminated from his position within the company. Subsequently, Grover appealed against his company's decisions at the Singapore International Arbitration Center (SIC), but unfortunately, he faced defeat. As a result, Ashneer had to depart from Bharat Pay in March 2022.
The ZeroPe app collaborates with Delhi-based Non-Banking Financial Company (NBFC) Mukut Finvest to offer instant pre-approved medical loans of up to Rs 500,000. These loans are exclusively available at partnered hospitals listed on the ZeroPe app website.
Grover's venture into this sector joins a growing trend, with companies like SaveIn, Qube Health, Arogya Finance, Neodocs, Fibe, Kenko, and Mykare Health already providing instant financing solutions for medical expenses and elective procedures.
Third Unicorn launched CrickPe to compete with platforms like Dream11, Mobile Premier League (MPL), and Games24x7's My11 Circle. The company secured $3.5 million in seed funding from ZNL Growth Fund, Vevek Ventures Investments, and Rishaayu LLP.
The digital landscape is witnessing a rise in startups offering data-driven medical loans for various healthcare needs, including hospitalization, home care, and chronic care management. These startups aim to integrate hospital networks, health insurance providers, and government healthcare schemes into their services.
A joint report by consulting firm Boston Consulting Group and Singapore-based venture capital firm B Capital forecasts that India's digital healthcare market could generate $37 billion in revenue by 2030, with healthcare financing expected to contribute $5 billion to this total.