Ashneer Grover took to Twitter on Friday to apologise for the delay in the launch of CrickPe—his latest venture—saying in the week leading up to the launch, his father passed away, and he had a tough decision to make.
, run by Grover’s new venture Third Unicorn, allows users to create virtual teams and participate in contests to earn points and cash prizes—like any other fantasy sports platform.
Users can give cash rewards to real-life cricketers at their discretion, subject to a maximum of Rs 1 lakh per cricketer in a financial year.
As per information on CrickPe’s website, it would be up to the cricketer to accept or decline the offer.
If a cricketer accepts the offer, the cash reward would be subject to applicable taxes and processing fees of 10%. As a promotional offer, no processing fee will be collected till June.
CrickPe has so far raised seed capital of $3.5 million from ZNL Growth Fund, Vevek Ventures Investments, Rishaayu, and other venture and angel investors. As per an Entrackr report, Grover and family own over 74%, and Aseem Gharvi, announced as a co-founder in January, holds an 8.85% share.
It was expected that the app would launch during IPL. Grover has now promised on Twitter that it will be released by Monday, without glitches.
“I failed – not making any excuses,” the founder wrote.