As Ather’s stock gains momentum, state-backed NIIF sells a portion of its holding just days after Tiger Global’s full exit
NIIF Sells 2.34% Stake In Ather Energy
National Investment and Infrastructure Fund (NIIF) has sold INR 541.6 Cr worth of shares in electric vehicle maker Ather Energy, as per bulk deal data filed on the NSE.
- Shares Sold: 87.02 Lakh
- Price per Share: INR 622.35
- Stake Diluted: Approx. 2.34%
- Buyers: Ashoka WhiteOak ICAV, Edelweiss MF, Ghisallo Master Fund, India Acorn ICAV, Invesco, and Motilal Oswal MF
This follows the termsheet leak earlier in the week which revealed NIIF’s plans to offload nearly 89 Lakh shares at INR 620 apiece, a 1.4% discount to Ather’s last BSE closing price of INR 629.05.
Context: Strategic Exit Follows Tiger Global’s Departure
NIIF’s partial exit comes days after Tiger Global exited Ather Energy, selling its entire 5.09% stake for INR 1,204 Cr through multiple bulk deals.
- NIIF’s Holding (as of Sep 2025): 4.67% or 1.77 Cr shares
- Current Holding Post-Sale: Approx. 2.33%
- Remaining Stake Value: ~INR 576 Cr
The strategic offloading aligns with growing institutional interest in secondary stake acquisition within high-growth startups that are approaching or eyeing public markets.
Ather’s Growth Momentum Attracts Investor Interest
Despite back-to-back investor exits, Ather continues to show strong financial and operational performance, making it an attractive bet for mutual funds and institutional buyers.
- E2W Registrations (October 2025): 26,713 units, up 46% MoM
- Q2 FY26 Revenue: INR 898.8 Cr (▲54% YoY, ▲40% QoQ)
- Net Loss: INR 154.1 Cr, trimmed by 22% YoY
Riding on this momentum, Ather’s stock has surged nearly 57% in the last three months and 5.7% in the last one month alone.
Scaling Manufacturing To Meet Surging Demand
Founded in 2013 by Tarun Mehta and Swapnil Jain, Ather operates:
- Two manufacturing plants in Hosur, Tamil Nadu
- One for vehicle assembly
- One for battery production
- Combined Capacity: 4.2 Lakh scooters/year
- New Facility: Under construction in Chhatrapati Sambhajinagar, Maharashtra
This expansion aligns with Ather’s growing pan-India market share, especially after recently overtaking Ola Electric in monthly registrations.
What This Means for Ather
While exits by early backers like Tiger Global and state-linked NIIF may raise questions, their timing likely reflects profit booking rather than lack of conviction.
With institutional buyers absorbing the offloaded shares and Ather’s fundamentals strengthening, the company appears well-placed to maintain its growth trajectory and possibly gear up for an IPO in the near term.
