In a major secondary market development, global investment firm Tiger Global has fully exited its stake in Ather Energy, the Bengaluru-based electric vehicle (EV) manufacturer. The early backer sold its entire 5.09% stake in the company through block deals worth INR 1,204 crore, marking a significant return on its nearly decade-long investment.
According to bulk deal data, Tiger Global sold 1.01 crore shares of Ather Energy at INR 623.56 per share on the National Stock Exchange (NSE) and offloaded another 92.35 lakh shares on the Bombay Stock Exchange (BSE) at INR 620.45 per share. Combined, these two block deals amounted to INR 1,204 crore, signaling strong investor demand for the EV manufacturer’s shares.
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As per Ather Energy’s September 2025 quarter shareholding pattern, Tiger Global held 1.93 crore equity shares, representing a 5.09% stake in the company through its Internet Fund III. With this transaction, the global investment firm has completely exited its position in Ather Energy.
Tiger Global was among the early institutional investors in Ather Energy, having first invested $12 million in 2015 when India’s EV ecosystem was still at a nascent stage. The investment helped Ather Energy scale its research, development, and production capabilities, positioning it as one of the leading players in India’s electric two-wheeler segment.
Earlier this year, Tiger Global had already partially diluted its holding by selling 4 lakh shares through the offer-for-sale (OFS) component during Ather Energy’s previous fundraising, fetching INR 12.84 crore. The latest complete exit through the secondary market now takes the firm’s total proceeds to approximately INR 1,216 crore, delivering an impressive 8.3x return on its initial investment.
Ather Energy, founded in 2013 by Tarun Mehta and Swapnil Jain, has grown into a major force in India’s EV market. The company’s flagship models, Ather 450X and 450S, are among the most popular electric scooters in the country. Backed by marquee investors such as Hero MotoCorp, NIIF, and GIC, Ather has expanded its footprint across India, strengthening its charging infrastructure and manufacturing capacity.
The exit by Tiger Global comes at a time when Ather Energy is reportedly preparing for an IPO in the near future. Market experts believe the successful secondary sale indicates strong institutional confidence in the company’s valuation and growth potential. The transaction also adds liquidity to Ather’s shareholder base ahead of its public listing plans.
Tiger Global’s exit underscores the increasing maturity of India’s startup ecosystem, where early-stage bets are now yielding significant returns for global investors. For Ather Energy, the deal reflects the continued investor appetite for India’s fast-growing electric mobility sector, which is expected to witness robust growth driven by government incentives, rising fuel prices, and greater consumer adoption of EVs.
With this exit, Tiger Global has once again demonstrated its knack for identifying high-potential Indian startups early and reaping substantial returns, further cementing its reputation as one of the most successful venture investors in India’s emerging tech and mobility sectors.
