Ex-BharatPe Co-Founder and MD Ashneer Grover Says He Made Rs 2.25 Crore Within 8 Minutes of Zomato IPO Opening

New Delhi, December 27:

Former BharatPe co-founder and managing director Ashneer Grover has found out he made a fab Rs 2.25 crore from Zomato IPO inside 8 mins of its beginning in July final year. In his memoir ‘Doglapan’, Grover stated that with the IPO being oversubscribed extra than 30 times, he got an allotment of shares well worth over Rs three crore.

“My RMs (relationship managers), based on grey-market rates, have been awaiting the Zomato proportion to listing between Rs eighty five-ninety, as against an issue fee of Rs seventy six. I, however, changed into positive that it might do a ways higher. whilst the proportion opened at the listing day at Rs 116 in keeping with share, I mandated them to promote all my stocks,” he wrote.

by the point the exchange got done, “I got a promoting price of Rs 136 according to percentage. With my touchdown price after hobby being among Rs 82-85, 1 ended up making over Rs 2.25 crore,” he stated. “within 8 mins of the Zomato IPO commencing, I had revamped Rs 2.25 crore.” Ashneer Grover Takes Dig at Media As BharatPe Sues Him, own family for Rs 88.6 Crore Fraud.

Grover said that he have become a little grasping post the Zomato IPO. “I went in for the auto alternate IPO but ended up losing Rs 25 lakh there,” he stated. Grover, currently dealing with a court case filed by way of BharatPe that he co-founded, said that he turned into bullish on the Zomato IPO on numerous counts.

“Of course, I knew of Deepinder (Goyal), and i am a big believer in his capability to persevere and hold constructing huge. basically, with the pandemic the ticket size of their orders had grown, as humans were ordering food from domestic for 3-four participants within the circle of relatives, as in opposition to single rolls in workplace, thereby increasing Zomato’s absolute margins,” he wrote. moreover, with restaurants completely dependent in the course of lockdowns on app orders, there was no hazard of the take-rate coming down.

“then again, process lack of confidence amongst shipping boys stored transport charges in test. In fact, COVID magically solved the food shipping economics in the united states of america overnight, similar to it skyrocketed UPI penetration,” stated Grover. Ashneer Grover Hits Out at BharatPe Co-Founders in His ebook ‘Doglapan’, Says ‘most Painful To discover That Bhavik Koladiya changed into amongst Traitors’.

Grover was in a heated tussle with Kotak Mahindra bank after their financing arrangement throughout the IPO of FSN E-trade Ventures Ltd., which owns Nykaa, failed to materialise.

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