Tiger Global Sells Entire Stake in The Viral Fever

Private equity firm Tiger Global Management has reportedly exited The Viral Fever (TVF), the Indian digital entertainment company behind shows like "Panchayat" and "Kota Factory." The transaction is said to value the company at $22 million.

According to reports, Tiger Global sold up to a 40% stake to investors including Lighthouse India Fund-I, Frontier Globecap Ventures, and LC Nueva Advisors LLP. This valuation represents a 73% decline from TVF's $82 million valuation in 2019.

Tiger Global initially backed TVF in 2016 with an investment of approximately $10 million for a 25% stake, subsequently increasing its holdings through further funding rounds. This exit aligns with Tiger Global's broader strategy of divesting from Indian tech companies, having recently sold its stake in EV major Ather Energy.

The deal occurs as India's OTT landscape undergoes a reset. The number of streaming originals released has decreased, and content production budgets have been significantly cut, reflecting a more challenging market environment for digital media platforms.