Ashneer Grover make over Rs 2 crore in just 8 minutes! Here's HOW he did it

New Delhi: Ashneer Grover, the former managing director of BharatPe, made a tidy Rs 2.25 crore within 8 minutes of Zomato's significant stock market IPO last year. The former "Shark Tank India" judge detailed how he utilised leverage to make large sums of money in a matter of minutes in his frank memoir, "Doglapan: The Hard Truth about Life and Start-Ups."

"However, the case included straightforward leverage—IPO financing. While I put up Rs 5 crore from my own money, Kotak Wealth secured me finance for Rs 95 crore at a weekly interest rate of 10%. (the period for which IPO funds get blocked). This additional expense of Rs 20 lakh in interest was incurred to purchase the shares, "Grover contributed to the Penguin book. (Also Read: BUMPER RETURN business idea! Post Office offering scheme to earn upto Rs 80,000/month by just investing Rs 5000 once)

Grover acquired shares of the food delivery service for Rs 3 crore at the issue price of Rs 76 per share as a result of oversubscription. In July 2021, the stock started for Rs 116, and within 8 minutes of the listing, Grover sold all of the company's shares for Rs 136 each. (Also Read: LIC offering Rs 27 lakh for DAUGHTER'S MARRIAGE; You just have to invest Rs 3600-- Check details here)

"When the sale was finally completed, I received a selling price of Rs 136 per share. I made over Rs 2.25 crore with a landing cost of between Rs 82 and Rs 85 after interest "Grover penned a book. Later in 2021, Grover, however, came under fire for an alleged altercation with a representative of Kotak Mahindra Bank on the non-allotment of Nykaa's shares.

An audio tape that purportedly showed the startup entrepreneur threatening to kill a Kotak bank employee for not getting him the Nykaa IPO allotment went popular on social media. In response to the popular audio clip, Ashneer Grover asserted that it was phoney.

Grover attempted to recreate the Zomato success with the Car Trade IPO but ultimately lost Rs 25 lakh.

He stated in the book that he is not interested in building a portfolio of public equities securities. "I've always believed that hedging your bets results in mediocre returns. Investing in high-risk early-stage founders is what fascinates me "He composed.