“The Business Does Not Have Scope for Incentivising the Cricketers…” Says Ashneer Grover on Shutting Down CrickPe

Ashneer Grover-led tech startup Third Unicorn has ceased operations for CrickPe within two years of launching the fantasy cricket platform. Grover stated that the 28% GST regime for real-money gaming and problems with the business model were the reasons behind the decision to halt operations. 

CrickPe Operations Halt

CrickPe, a fantasy cricket platform, was launched by Third Unicorn, a tech startup led by Ashneer Grover, ahead of the 2023 season of the Indian Premier League. The platform was intended to be ‘the only fantasy game paying cricketers for performance.’

But as of 2025, two years after its launch, Third Unicorn has decided to step away from the fantasy gaming space due to regulatory challenges and taxation issues.

“We’ve had an innings together. While we won’t be rolling out new contests on the app anymore, this is just a timeout.” - A message on the CrickPe app confirmed the halt in operation.

While the platform is not rolling out any new contests, the users can still withdraw their winnings from the CrickPe app. 

“CrickPe has been halted at the end of 2024 as we are not keen on the space given the connotation of gambling with gaming in India and the imposition of 28% GST last year. We explored the space but feel it’s best for incumbents like Dream11 and others. The business model does not allow for incentivising cricketers out of the game pot, which was our initial idea,” Ashneer Grover was quoted as saying by Inc42. 

A Business Model Riddled With Challenges 

By giving cricket players and the Board of Control for Cricket in India (BCCI) a share of the winnings in addition to users, CrickPe sought to stand out in the fantasy gaming space.

Grover had planned to redistribute the prize fund at the time of launch, with INR 80 Cr going to customers, INR 10 Cr going to cricket bodies and players, and INR 10 Cr going to profit.  Despite an out-of-the-box vision, established platforms such as Dream11, MPL, and My11Circle gave CrickPe a run for its money.

At the time of the platform’s launch, Ashneer Grover was confident about the business model and had said that he would “make sure Dream11, MPL will move into this.”

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Tax Burden on Gaming Platforms 

Following regulatory developments for online real-money gaming by the Indian government, the decision to shut down CrickPe was taken. The GST Council increased the tax burden on gaming platforms by imposing a 28% tax on the whole face value of bets, which went into effect on October 1, 2023.

In the past, the platform charge for skill-based games was subject to an 18% GST. Grover has been outspoken in his disapproval of the tax system, claiming on X (previously Twitter) that the online gaming industry had suffered as a result of the 28% GST. 

The industry remains affected by tax notices totalling more than INR 1 lakh crore, even though recently the Supreme Court has temporarily halted GST proceedings against several gaming companies. 

Third Unicorn seems to have shifted its focus to a different business vertical as a result of tax and regulatory worries.

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Third Unicorn Renews Focus on Fintech 

With CrickPe winding down, Third Unicorn is now focusing on its fintech platform, ZeroPe, which provides lending services for treatments. Grover emphasised ZeroPe's expansion, pointing out that the company has worked with more than 1,000 hospitals and healthcare providers and achieved one lakh organic downloads. 

User satisfaction is apparent by the platform's 4.6-star rating on iOS and Android.  Customers can use ZeroPe to get up to INR 5 lakh in loans for medical operations at partner facilities. Delhi-based NBFC Mukut Finvest supports the lending activities.

“We are providing EMI options across healthcare providers for treatments in skin, dental, aesthetics, hair implants, and IVF, making these procedures more affordable, especially for those not covered by insurance,” Grover said about his new fintech venture, ZeroPe.

Grover's foray into the fintech space is consistent with the industry's continued growth in India. The adoption of digital financial services and rising smartphone penetration have propelled the nation's fintech industry's significant growth. 

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