Tiger Global’s Rs 75 Cr investment in Ather Energy yields Rs 1,216 Cr exit

Tiger Global has fully exited electric two-wheeler maker Ather Energy, representing one of its most lucrative India bets with an over 16X return on its decade-long investment.

According to Ather’s draft red herring prospectus (DRHP), Tiger Global first backed the Bengaluru-based EV startup in 2015, investing Rs 75.23 crore during the Series A round for 74,732 Series A preference shares at an issue price of Rs 10,067.4 per share. Interestingly, the investment firm did not participate in any of Ather’s subsequent funding rounds.

As part of the company’s pre-IPO restructuring, Ather allotted bonus shares in the ratio of 1:261 to its preference shareholders, taking Tiger Global’s holding to 1.95 crore equity shares with an average acquisition cost of just Rs 38.57 per share.

The investor partially sold about 4 lakh shares through the Offer for Sale (OFS) at an upper price band of Rs 321 per share, collecting around Rs 12.84 crore. Earlier this week, Tiger Global sold its remaining stake, about 1.93 crore shares, for roughly Rs 1,204 crore, completing a full exit from the EV manufacturer.

Overall, Tiger Global has pocketed Rs 1,216.8 crore from its initial investment of Rs 75.23 crore, translating into a 16.2X return.

Now a listed public company, Ather Energy counts Hero MotoCorp and GIC among its key shareholders. For Tiger Global, this clean exit adds to a string of portfolio movements in India’s public markets. 

The firm has also partially trimmed stakes in companies such as Flipkart-backed PhonePe, Dream11, and Zomato, while holding positions in Policybazaar, Delhivery, and Freshworks. Its full exit from Ather underscores Tiger’s broader strategy of locking in gains from mature bets as Indian startups transition into listed entities, signaling a more disciplined approach toward liquidity in the region.