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Tiger Global sells entire Ather Energy stake for Rs 1,204 Cr

EntrackrEntrackr ยท 11d ago
Tiger Global sells entire Ather Energy stake for Rs 1,204 Cr
Medial

Tiger Global (Internet Fund III Pte Ltd), has sold all of its shares representing 5% of the electric two-wheeler maker Ather Energyโ€™s total paid-up capital through open market transactions on November 6, 2025. The company sold 1 crore shares on NSE at an average price of Rs 623.56 per share and the rest 93 lakh shares on BSE at an average price of 620.45 per share. Both sales aggregate to a total sum of Rs 1,204 crore. As of September 30, Internet Fund owned 1.93 crore shares of Ather Energy, forming a total of 5% of Ather Energy's total captable. The company also witnessed bulk deals from IRAGE BROKING SERVICES LLP, which bought 22 lakh Ather Energyโ€™s shares worth Rs 137 crore at an average price of Rs 622.26 per share while selling 2 lakh shares worth Rs 14.5 crore for price stabilization. In terms of EV sales, Ather Energy retained its third position in October, rebounding from flat growth in September to post a robust 53% increase with 28,061 registrations, capturing a strong 19.53% market share. The company also surpassed its competitor Ola Electric in terms of market capitalization. The exit comes just before the companyโ€™s financial results for the second quarter of the ongoing financial year (FY26), which is scheduled for 10th November. For the first quarter, the companyโ€™s revenue from operations increased by 79% to Rs 645 crore in Q1 FY26, from Rs 360 crore in Q1 FY25. The companyโ€™s net losses reduced by 3% to Rs 178 crore in Q1 FY26 from Rs 183 crore in Q1 FY25. Ather Energyโ€™s stock is currently trading at Rs 634 (as of 10:50 AM), bringing its total market capitalization to Rs 24,168 crore ($2.7 billion). Itโ€™s worth noting that Tiger Global also trimmed its stake in Ola Electric, a competitor to Ather Energy, in May this year.

Why EV maker Atherโ€™s IPO didnโ€™t tick all right boxes

EntrackrEntrackr ยท 6m ago
Why EV maker Atherโ€™s IPO didnโ€™t tick all right boxes
Medial

Why EV maker Atherโ€™s IPO didnโ€™t tick all right boxes Ather had to scale down its expected valuation from $2 billion to $1.4 billion ahead of the IPO โ€” a move that, to some investors, signaled weaker demand or a lack of confidence. Ather Energyโ€™s Rs 2,626 crore IPO โ€” Indiaโ€™s third-largest public offering of 2025 so far โ€” had all the makings of a headline event: a respected EV brand, strong engineering pedigree, and a fast-growing electric scooter market. Yet, as the subscription window closed, the response appeared muted. Institutional investors subscribed to just 1.7 times the shares allocated for Qualified Institutional Buyers (QIB) category, while Non-Institutional Investors (NIIs) subscribed to only 66% of their quota. Retail investors showed comparatively more interest, with a subscription rate of 1.78 times, thanks possibly to some last minute pushing by brokerages promising the possibility of listing gains. Ather is known for its solid engineering and high-quality scooters. But when it came to the IPO, it struggled to get attention. Many investors felt the company didnโ€™t share a big, bold vision โ€” something Ola did well. Ather had to scale down its expected valuation from $2 billion to $1.4 billion ahead of the IPO โ€” a move that, to some investors, signaled weaker demand or a lack of confidence, especially when compared to the bolder positioning of rivals like Ola Electric. Even when we look at the financials of both EV companies, the contrast is clear. Ahead of its IPO, Ola Electric disclosed in its Red Herring Prospectus (RHP) that it recorded Rs 5,000 crore in revenue for FY24, with a net loss of Rs 1,584 crore โ€” meaning the company spent Rs 1.25 to earn every Rs 1 in revenue. Ather Energy, on the other hand, reported Rs 1,579 crore in revenue with a loss of Rs 580 crore for the first nine months of FY25, translating to a cost of Rs 1.36 to earn every Rs 1. That higher per-unit cost, combined with lower scale, may have made investors cautious, especially when comparing Atherโ€™s path to profitability with Olaโ€™s stronger topline growth. Atherโ€™s slow and steady approach to expansion, which ensured high customer loyalty and trust, has boomeranged when it comes to the IPO. Public markets tend to reward speed, growth, or profitability, and in Atherโ€™s case, it appears lucky to have scraped through with none of the above. That is a huge endorsement of its reputation and promise, and possibly positive word of mouth. That the IPO was practically a compulsion is also a reason why the firm decided to forge ahead, with limited runway available and backers holding off. There is every possibility that investors will have to be more patient than usual to see the firm deliver returns. The founders have almost been timid in making claims linked to prospects, the antithesis of what Bhavish Aggarwal of Ola Electric. One can only hope that this refusal to chest thump will deliver the kind of returns that gladden the heart in time.

Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake

EntrackrEntrackr ยท 1y ago
Hero MotoCorp invests Rs 124 Cr in Ather Energy, now controls nearly 42% stake
Medial

Hero MotoCorp has approved the purchase of an additional 2.2% stake in the electric scooter maker Ather Energy for about Rs 124 crore (approximately $15 million). This is the third investment from Hero MotoCorp in the Bengaluru-based company in the last nine months. In December, Hero MotoCorp acquired 3% stake in Ather Energy for Rs 140 crore ($16.8 milion). With the latest investment, Hero MotoCorp now controls nearly 42% holding in the Tarun Mehta-led company. The development comes shortly after Ather Energyโ€™s $34.5 million debt and equity fundraise in which co-founders Mehta and Swapnil Jain also pumped in over $10 million collectively. Ather was valued at $750 million during the Series E round in May 2022. However, it has not disclosed its valuation since then. As per startup data intelligence platform TheKredible, Sachin Bansal is the second largest investor after Hero MotoCorp in Ather. Other notable external stakeholders include Caladium Investment and Tiger Global. During FY23, Atherโ€™s revenue from operations spiked 4.36X to Rs 1,784 crore while its losses grew 2.5X to Rs 864.5 crore in the same period. The company is yet to file its financial results for FY24. Electric two-wheelers saw an uptick in sales in May after a 50% drop in overall sales in April. As per Vahan data, Ather Energy had a market share of 9.45% as it sold 6,024 units in the last month. Its competitor Ola Electric was at the top with the sale of 37,191 units followed by TVS and Bajaj with 11,737 units and 9,189 units, respectively.

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