Tiger Global Management has completed its full exit from The Viral Fever (TVF), selling its stake at a valuation of $22 million. This transaction represents a sharp drop from the company's 2019 peak valuation of $82 million, highlighting the ongoing valuation reset in the Indian startup ecosystem.
Tiger Global Management has fully divested its stake in the digital entertainment firm The Viral Fever (TVF), the studio behind hit web series such as Panchayat and Kota Factory. The exit was executed through a sale to a consortium of investors, including Lighthouse India Fund-I, Frontier Globecap Ventures, and LC Nueva Advisors LLP. The transaction values the company at $22 million, marking a significant markdown from the $82 million valuation TVF achieved in 2019.
While the exit reflects a shift in market valuations, TVF has shown growth in its revenue over the past several years. The company reported revenue of ₹182.4 crore in the financial year 2025, compared to ₹34.3 crore in FY21. Despite this top-line expansion, profitability has faced pressure. After reaching a peak net profit of ₹68.3 crore in FY22, the company’s profit fell to ₹13 crore by FY25. This trend of revenue growth alongside shrinking profit margins is a primary factor that investors monitor when assessing the company’s current financial health.
The transition coincides with a major change in the company's leadership. Shreyansh Pandey, the head of TVF Originals, is departing after an eleven-year tenure to launch his own venture. Pandey was instrumental in building the brand’s creative pipeline, including shows like Aspirants and Gullak. While TVF has announced new senior hires, the loss of a core creative leader introduces an operational risk that the company must manage to maintain its content quality and market relevance.
This development is part of a broader valuation reset affecting many Indian startups that raised capital during the peak investment years of 2018 and 2019. Furthermore, the exit environment for foreign venture capital firms is becoming increasingly complex due to heightened regulatory and tax scrutiny regarding offshore investment structures in India. These factors, combined with a shift in investor focus from pure revenue growth to sustainable profitability, continue to influence the startup landscape. The next important phase for TVF will be stabilizing its profit margins and continuing to produce hit content under its new leadership structure.