Former co-founder and managing director of BharatPe, Ashneer Grover has recently started his new venture Third Unicorn Pvt Ltd. It is now learned that Third Unicorn has kicked its operations with fantasy sports platform CrickPe.
Grover launched his new venture just a week before the start of the Indian Premier League which begins from March 31st. Grover has labelled his entry into the new space crowded by fantasy sports startups such as Dream11, Mobile Premier League, My11 Circle.
If reports are to be believed, his new venture is backed by investors such as Tiger Global, Sequoia Capital, TPG, Falcon Edge, DST Global.
In a tweet announcing the launch of the app, Grover posted: “CRICKPE Biggest revolution in Cricket since IPL only fantasy game paying cricketers for performance Where you win - cricketer wins - cricket wins”.
On CrickPe, users of over 18 years of age will be able to create a virtual team of players and make real money. They will be entering paid contests to earn cash prizes based on the players performances in real life.
CrickPe will charge just 10% platform fee of the total funds received for any contest. According to information provided on Crickpe’s page on Google Play Store, the game will reward a percentage of every game pot to real cricketers, based on their actual performance in the match, in proportion to their fantasy points won.
Plus, users are free to send rewards of upto Rs 1 lakh in a financial year to a particular cricketer. But that will need the cricketer to accept or reject the reward. If the cricketer accepts the reward, the platform will charge a processing fee of 10%.
However, the company clearly stated that it will not be collecting any processing fee until June this year.
“It is hereby stated that we are not acting as agents of cricketers and are not under binding contract to collect any money on their behalf. CrickPe shall solely be acting as your agent in offering this cash reward,” according to the startup’s terms and conditions as reported by Silicon India.
Grover had unveiled his new startup Third Unicorn when he had said: “We at Third Unicorn have been quietly and amicably building a market-shaking business. Bootstrapped. Without limelight. And we are doing things differently. Very differently”, as reported by Silicon India.
Grover also stated that the aim is to generate $1 billion in revenue and the team will consist of not more than 50 members.
Ashneer is currently tied up with a ton of cases against him and his family in the Delhi High Court.