Tiger Global exits Ather Energy, while InCred Holdings quietly moves forward with its IPO filing.
Tiger Global exits Ather Energy
US-headquartered Tiger Global Management has fully exited its 5.09% stake in Ather Energy, offloading the shares for approximately Rs 1,204 crore through open market transactions on October 6.
The investment was routed through Tiger’s affiliate Internet Fund III.
The exit follows Ather Energy’s IPO in April, during which the electric two-wheeler manufacturer raised roughly Rs 2,900 crore, valuing the company at around Rs 12,000 crore.
Ather began retailing electric scooters in 2018, emerging as one of the pioneers in India’s electric two-wheeler market. It counts Hero MotoCorp and Singapore’s sovereign wealth fund GIC among its backers.
Prior to Tiger Global’s exit, Sachin Bansal, poster boy of the Indian startup ecosystem and co-founder of Flipkart who had an investment in the company, had also pared his stake.
InCred Holdings plans IPO
InCred Holdings, the parent company of InCred Financial Services (InCred Finance), has confidentially filed its Draft Red Herring Prospectus (DRHP) with the Indian capital markets regulator as it looks to make its debut on the BSE and NSE main boards.
In a public announcement, the firm, led by Bhupinder Singh, said the DRHP was submitted to the SEBI on November 6.
In November 2023, Singh, in an interview with DealStreetAsia, had said he was keen to list the business in a few years.
The InCred Group, which is backed by a host of investors such as KKR and the Abu Dhabi Investment Authority (ADIA), has two distinct businesses—InCred Finance, and InCred Capital, which is an institutional, wealth management, asset management platform.
InCred Alternative Investments, which is a part of InCred Capital, is currently looking to foray into India’s booming PE space with its maiden fund that will target companies across consumer, financial, and technology/enterprise sectors.
