The paper describes the results of a new four-component synthesis of pyranopyrazole heterocycles by solvent-free one-pot grinding of malononitrile, hydrazine, ethyl acetoacetate, and various aldehydes in the presence of a base. The reaction proceeded smoothly at room temperature with good yields in very short reaction time. The synthesised compounds were evaluated for their in vitro antibacterial activity against three different bacterial and three different fungal strains. The highlight of this work is that the synthesis was activity-driven. The brief SAR correlation found that the tested compounds showed better activity against fungal strains.