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The extent and intensity of private sector participation in higher education has been much more rapid in Asia than in any other parts of the world. Most countries in Asia proactively promote private higher education but at the same time they are also wary about their quality. India has been no exception where private participation in higher education date back to the origin of modern higher education in the country. The country has wide variety of private higher educational institutions to which a new kind was added as late as in 2007. These are called ‘Self-financed Private Universities or ‘State Private Universities. This paper seeks to present a peep into their genesis and growth and examines issues related to the access, equity and quality emanating from their mushroom growth. Though the article is India specific but its content may find resonance in many countries of the world.