Tiger Global Fully Exits Ather Energy with Over 16X Return on Investment

Tiger Global has completed its exit from electric two-wheeler manufacturer Ather Energy, marking one of its most profitable bets in India with an impressive 16.2X return on a decade-old investment.

Tiger Global’s Investment History

According to Ather’s Draft Red Herring Prospectus (DRHP), the New York-based investment firm made its first and only investment in the Bengaluru-headquartered EV startup back in 2015, committing ₹75.23 crore during the Series A round. The firm acquired 74,732 Series A preference shares at an issue price of ₹10,067.4 per share but chose not to participate in any subsequent funding rounds.

Ahead of its IPO, Ather undertook a pre-listing restructuring, issuing bonus shares in a 1:261 ratio to preference shareholders. This move expanded Tiger Global’s holding to 1.95 crore equity shares, lowering its average acquisition cost to just ₹38.57 per share.

Exit Details and Returns

Tiger Global began offloading its stake during the Offer for Sale (OFS), selling around 4 lakh shares at the upper price band of ₹321 per share, generating roughly ₹12.84 crore. Earlier this week, the firm completed its final exit, selling the remaining 1.93 crore shares for about ₹1,204 crore. In total, Tiger Global pocketed approximately ₹1,216.8 crore from its original investment.

Now a publicly listed company, Ather Energy counts Hero MotoCorp and GIC among its leading shareholders. Tiger Global’s clean exit from Ather adds to a series of strategic portfolio moves in India’s public markets.

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The investment firm has recently pared down holdings in several high-profile startups, including PhonePe, Dream11, and Zomato, while continuing to maintain positions in Policybazaar, Delhivery, and Freshworks. The Ather exit underscores Tiger Global’s evolving India strategy, capitalising on mature investments as startups transition to public markets, reflecting a more disciplined approach to liquidity management in the region.

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