TRENDING NEWS
ZeroPe: Ashneer Grover's Return to Fintech with a New Lending Tech Platform
SUMMARY
Amidst ongoing legal disputes with BharatPe, Ashneer Grover launches ZeroPe, a fintech startup offering medical loans, marking his second venture under Third Unicorn. Positioned in the competitive healthcare financing space, ZeroPe aims to capitalize on the booming digital lending market projected to exceed $720 billion by 2030
Amidst ongoing turmoil at his previous venture BharatPe, Ashneer Grover, in collaboration with Aseem Ghavri, is set to embark on a new journey in the fintech sector with the launch of ZeroPe. This marks Grover's second venture under his company Third Unicorn, following the successful launch of the fantasy cricket app CrickPe last year.
ZeroPe, as outlined on its website, aims to provide medical loans of up to INR 5 Lakh exclusively to customers at partner hospitals. The startup has partnered with Delhi-based non-banking financial company (NBFC) Mukut Finvest to facilitate this offering, as reported by Moneycontrol.
Grover's foray into the lending tech space comes amidst ongoing legal battles with BharatPe, stemming from his abrupt departure in 2022 amid allegations of financial irregularities. These legal disputes, including allegations of financial misconduct amounting to INR 89 Cr and attempts by BharatPe to reclaim shares from Grover, have led to public spats between Grover and the company's leadership, particularly its board chairman Rajnish Kumar.
The timing of Grover's new venture coincides with the rapid growth of the fintech sector, driven by increasing digital adoption and demand for small-ticket loans. In the competitive landscape of healthcare financing, ZeroPe will contend with established players like HDFC Bank, Bajaj Finserve, Arogya Finance, and Hero FinCorp, as well as emerging startups such as CASHe, Fibe, and Arogya Finance.
According to projections by Inc42, the Indian digital consumer lending market is expected to exceed $720 billion by 2030, representing a significant portion of the overall market opportunity estimated at over $1.3 trillion.
Grover's decision to venture into fintech once again underscores the dynamism and potential of the sector, despite the challenges faced by industry players. With ZeroPe, Grover aims to leverage his expertise and experience to carve a niche in the burgeoning fintech landscape, offering innovative solutions to meet the evolving needs of consumers in India's rapidly digitizing economy.