Tiger Global fully exits Ather Energy after Rs 1,204 crore stake sale

Tiger Global’s Internet Fund III Pte Ltd has fully exited its investment in Ather Energy, offloading its entire 5% stake in the electric two-wheeler maker through open-market bulk deals on November 6.

According to exchange data, the global investment firm sold 1,01,25,000 shares on the National Stock Exchange (NSE) at an average price of Rs 623.56 per share, and 92,35,832 shares on the Bombay Stock Exchange (BSE) at Rs 620.45 per share, generating combined proceeds of about Rs 1,204 crore.

As of September 30, Tiger Global held 1.93 crore shares, or roughly 5.09% of Ather Energy’s paid-up capital.

The sale marks a complete exit from the company, which the fund first backed in 2015 with an investment of about $12 million. Earlier in 2025, Tiger Global sold a small tranche of around 4 lakh shares in Ather’s offer-for-sale (OFS), realising Rs 12.84 crore.

Based on the per-share cost from its 2015 investment, that block delivered a return of roughly 8.3 times on a cost-per-share basis, though not on the total fund investment. The trading session also saw heavy bulk-deal activity involving IRAGE Broking Services LLP.

Exchange data show the firm purchased about 22 lakh Ather shares worth Rs 137 crore at Rs 622.26 each, while selling over 21 lakh shares on the BSE for Rs 134 crore Rs 623.30 each, likely as part of routine market-making rather than any formal price-stabilisation exercise.

The exit comes as Ather Energy continues to strengthen its market position. According to Vahan data, Ather recorded a 53% rise in electric two-wheeler registrations in October, reaching 28,061 units and capturing about 19.5% market share, ranking just behind Bajaj Auto and TVS Motor.

Financially, Ather’s performance has continued to improve. In Q1 FY26, revenue from operations rose 79% year-on-year to Rs 645 crore, while net losses narrowed 3% to Rs 178 crore. The company has announced that its Q2 FY26 results will be released on November 10.