Tiger Global.
The disciplined retreat: ~$3.5bn banked on Flipkart, >$2bn of India exits in 18 months, PhonePe's full exit queued, while the 2021 spray-vintage sits marked down, the new fund raised a third of target, and a Supreme Court tax ruling reprices every historic exit route.
GW GP Score
Tiger's India story is the 2021 cycle in one book: it wrote more India term sheets that year than anyone, drove half the unicorn cohort, then stopped. What's left is a barbell: genuine crown jewels heading to exits (PhonePe full exit at ~$15bn filed, Razorpay reverse-flipped for listing, Groww 4.5x banked) against a long tail of marked-down 2021 names (ShareChat, BharatPe, Slice, DealShare). Four cheques in 2025, all follow-ons, no India office, and PIP 16 closed at ~$2.2bn against a $6bn target. The January 2026 Supreme Court GAAR ruling on the Flipkart-Walmart gains adds a tax overhang no other firm on this page carries.
Re-up candidate: the realised-cash evidence is doing more work than the brand story.
The score may understate process quality because realised multiples are modest but repeatable.
No named analyst override yet; current view is generated from the scored dossier and should be refreshed when the next primary source lands.
PhonePe IPO revival: deferred Mar 2026; Tiger's full exit rides on it.
GAAR ruling fallout: appeals, settlements, structure migrations.
The GAAR precedent could claw at every Mauritius-routed historic gain and complicates the PhonePe/Razorpay exit economics.
Computed from current dossier sources; analyst override pending.
Elite realisations from pre-2019 conviction, graded down for everything since: the 2021 tail, the fundraise collapse, the absent India thesis, and a tax ruling that uniquely burdens its exit mechanics.
PhonePe/Razorpay/Dream11 jewels against a marked-down 2021 tail
$3.5bn Flipkart + >$2bn/18mo + PhonePe filed: elite, though tax-clouded
No India AI thesis; follow-on-only posture; public-side opportunism
PIP 16 at ~$2.2bn vs $6bn target: the LP verdict on the model
Shleifer to advisory; no India team; institutional memory thinning
Portfolio quality 25% · Exit realisation 30% · Sector positioning 15% · Capital velocity 15% · Franchise stability 15%: see the full GP Score methodology · compare this firm →
Positive catalysts and/or re-up evidence exceed the visible risks, but the score should move only after the named proof lands.
PhonePe liquidity clears with credible OFS/block-sale evidence.
GAAR ruling fallout: appeals, settlements, structure migrations.
PhonePe IPO revival: deferred Mar 2026; Tiger's full exit rides on it.
Tiger India is the cautionary base rate for velocity investing: the same firm produced Flipkart AND the 2021 tail. The GAAR ruling is the underappreciated risk: ask every India manager how their Mauritius/Singapore structures survive it.
The GAAR precedent could claw at every Mauritius-routed historic gain and complicates the PhonePe/Razorpay exit economics.
PhonePe IPO revival: deferred Mar 2026; Tiger's full exit rides on it.
Coverage initiated: inaugural GW GP Score.
Catalyst exposure · latest source pressure
Recent public evidence mapped to this GP. Read this before reading the position table: it is where the score can move next.
Look for confirmation, not discovery: the market has started handing this file proof points.
Attribution3 positive catalyst(s), 1 pressure catalyst(s); top driver: Razorpay files confidential DRHP.
The broad private-capital backdrop is selective rather than euphoric; fundraising and mark support now need firm-specific proof.
Score pressureRaises the bar for weak-DPI managers and stale flagship vehicles; rewards funds with fresh closes or visible exits.
Separate broad PE-VC softness from venture AI strength before changing sector-positioning scores.
Mohalla Tech turned operationally profitable in Q1 FY27, with an annualised revenue run-rate of ~₹1,400 Cr growing 30%+, driven by micro-drama content, and is now guiding to a ~$400M listing next year.
Score pressureFirst positive signal on the long-marked-down ShareChat position since the 2021 peak; still a year-plus from an actual print.
Any priced round ahead of the IPO that would reset the residual mark, and continued profitability through FY27.
Dream Money, the mutual-funds/digital-gold/lending arm launched Aug 2025 to offset the real-money-gaming ban's revenue hit, is closing by 2026-07-30; the company frames it as refocusing on its DreamStreet stock-broking unit.
Score pressureConfirms the Dream11 impairment thesis is still deepening rather than recovering across every book holding the position.
Any RMG-ban litigation or legislative movement; DreamStreet traction as the stated pivot.
The expected ₹5,000-6,000 Cr issue is the bellwether fintech realisation event for the 2026-27 IPO queue.
Score pressurePositive for holders if valuation and OFS quantum hold; negative if the listing clears materially below the $7.5B private peak.
DRHP details, OFS participants, valuation range and post-listing block-sale behaviour.
The funds
~$2-4bn active India positions (E) · PIP 16 ~$2.2bn global across 2 tracked vehicles.
| Vehicle | Vintage | Size | Stage | Note |
|---|---|---|---|---|
| PIP 16 | 2025Recovery / IPO window | ~$2.2bn | Crossover VC/PE | vs $6bn original target; insider-heavy LP base |
| PIP 15 | 2021Peak frenzy | $12.7bn | Crossover | The spray vintage: India's 2021 unicorn cohort lives here |
Closest booksPeak XV Partners (4 shared) · Z47 (3 shared) · Elevation Capital (3 shared)computed · E
Fund analytics · LP underwriting screen
Computed from the public dossier: vehicle cadence, realised exits, mark drift, concentration and franchise stability. All computed signals are GW estimates.
Latest vehicle closed inside the current exit/repricing window.
Next liquidityPhonePe · Razorpay · Infra.Market · Captain Fresh · OfBusiness
3 visible exit events since Jul 2024.
Latest vehicle closed inside the current exit/repricing window.
8 up / 0 flat / 2 down tracked signals.
No senior departure flagged in key people.
8 up / 0 flat / 2 down
3 events since Jul 2024
Largest tracked active exposure
Higher spread = less balanced franchise
Marked overhangDream11 (Dream Sports) · ShareChat: names with negative 12-month mark or momentum signals in the reconstructed book.
Exit-led repricing; entry discipline decisive
Cycle-top entry marks; the vintage still being digested
Full exit filed in the ~$15bn all-OFS IPO; deferred Mar 2026: exit pending
Reverse-flipped to India; DRHP filed: cross-held with Peak XV, Lightspeed, Z47
2025 follow-on; DRHP filed: cross-held with Nexus
Jan 2025 follow-on with Prosus, Accel
IPO-track
At least one cited source is dated 2026.
4 visible events tracked.
10 representative positions tracked.
No departure signal structured.
Fund-level DPI/TVPI is usually not public; proxy remains estimated.
Peer median 2 · +1
Peer median 2 · +3
Peer median 74 · +10
Peer median 62 · -1
Peer median 0 · +0
Diligence agenda · how this view can change
The live research question, the proof required, and the source standard. This prevents a GP score from becoming a stale label.
Team data evidence remains low-confidence despite a scored dossier.
Current · At least one cited source is dated 2026.
Upgrade the weak fields with dated facts before the next score action: Team data.
Prioritise filings and firm disclosures; mark estimates as GW E until then.
GAAR ruling fallout: appeals, settlements, structure migrations.
PhonePe: next public-market or secondary print
Evidence quality · source file health
How hard the public record is beneath this view: source mix, freshness, low-confidence fields and the next source action.
No primary source structured.
6 total sources · 0% primary
At least one cited source is dated 2026.
TechCrunch: Tiger & Microsoft full PhonePe exit (Jan 2026)
Find a filing, official firm disclosure, regulator table or LP document before next score action.
Source tiering follows Gravitywell policy: primary = filing/regulator/company disclosure, secondary = reputable media or research, E = Gravitywell estimate. Evidence score is a GW control metric, not an external rating.
The position book
~20-30 active India positions (E). 10 tracked below.
| Company | Sector | Entered | Entry stage | Status | 12-mo signal | Latest read |
|---|---|---|---|---|---|---|
| PhonePe | Fintech | 2016 | Growth | Unicorn | ▲ | Full exit filed in the ~$15bn all-OFS IPO; deferred Mar 2026: exit pending |
| Razorpay | Fintech | 2019 | Growth | Unicorn | ▲ | Reverse-flipped to India; DRHP filed: cross-held with Peak XV, Lightspeed, Z47 |
| Dream11 (Dream Sports) | Consumer & Commerce | 2019 | Growth | Unicorn | ▼ | RMG regulatory overhang post-Gaming Act |
| Infra.Market | Logistics & Infra | 2019 | Growth | Unicorn | ▲ | 2025 follow-on; DRHP filed: cross-held with Nexus |
| Groww | Fintech | 2020 | Growth | Public | ▲ | Sold ~₹518 Cr in OFS at 4.5x; residual ~1.5% |
| Captain Fresh | Consumer & Commerce | 2021 | Growth | Soonicorn | ▲ | Jan 2025 follow-on with Prosus, Accel |
| OfBusiness | Logistics & Infra | 2021 | Growth | Unicorn | ▲ | IPO-track |
| ShareChat | Consumer & Commerce | 2019 | Growth | Unicorn | ▼ | The 2021-vintage markdown emblem |
| Spinny | Consumer & Commerce | 2021 | Growth | Unicorn | ▲ | Cross-held with Elevation, Blume, GC |
| Meesho | Consumer & Commerce | 2025 | IPO anchor (1.9%) | Public | ▲ | Bought INTO the anchor book at ₹111: public-side re-entry, not an exit |
Representative tracked positions reconstructed from public disclosures: not the full book. 12-mo signal is a GW estimate of mark direction from round/exit prints (E). Ownership stakes are not shown: not reliably public.
Sector exposure · where the book leans
Share of the tracked active book by normalized sector (GW estimate): read against our sector dossiers for crowding.
New cheques · 2025-26
Four India cheques in 2025: every one a follow-on defending an existing mark. The genuinely new India activity is on the public side (Meesho anchor). No AI thesis articulated for India, in stark contrast to every other firm at this scale.
Hedge-fund side buying the listing
Cloud kitchens
Realisation · are LPs getting paid?
>$2bn realised in 18 months with PhonePe, potentially the single largest India exit ever: filed and waiting. But the Supreme Court's GAAR ruling on the 2018 Flipkart gains means historic and future exits face treaty-benefit denial: the harvest's economics just got structurally worse.
Updated DRHP: Tiger and Microsoft to exit FULLY in the all-OFS ~$15bn listing; deferred Mar 2026 amid market shocks: pending.
Sold 5.18 Cr shares (~₹518 Cr) at 4.5x from a 6.05% stake.
2.14% pre-IPO to SBI MF & Acrobat (~₹323 Cr, source arithmetic conflicted).
Final ~$1.4bn tranche to Walmart completing ~$3.5bn total realisation.
The anchor realisation of Indian venture
Full exit at ~$15bn valuation: the pending print
Global VC book -33% (2022); India tail (ShareChat, Slice, BharatPe…) largely unexited
SC on Mauritius/GAAR (Jan 2026): reprices exit routes retroactively
No India fund cut disclosed. GW read: the pre-2019 vintages made Tiger's India record (Flipkart, PhonePe, Razorpay); the 2021 vintage unmade its reputation; the fund-size collapse is LPs' verdict. India posture now is a harvest with a tax problem. E.
What they're doing
Harvest the crown jewels through the IPO window: PhonePe (full), Groww (done), Razorpay/Infra.Market/OfBusiness queued.
Defend selectively: follow-ons only into names with clear listing paths.
Crossover flexibility: buy IPO anchors (Meesho) where the hedge-fund side sees listed value.
No India office, no country head: New York underwriting with episodic India presence.
What can break
The GAAR precedent could claw at every Mauritius-routed historic gain and complicates the PhonePe/Razorpay exit economics.
The unexited 2021 tail needs down-round exits or write-offs that will print embarrassing marks.
PIP 16 at a third of target constrains any meaningful India re-entry.
PhonePe IPO revival: deferred Mar 2026; Tiger's full exit rides on it.
GAAR ruling fallout: appeals, settlements, structure migrations.
Any genuinely NEW India cheque (none since 2022).
2021-tail resolutions: ShareChat, BharatPe, Slice, DealShare marks.
Point-in-time discipline: these are the open items we could not verify at the current vintage. They get resolved: confirmed, corrected or dropped, at the next monthly refresh, never silently.
The takes · one screen, three readers
Tiger India is the cautionary base rate for velocity investing: the same firm produced Flipkart AND the 2021 tail. The GAAR ruling is the underappreciated risk: ask every India manager how their Mauritius/Singapore structures survive it.
Tiger's retreat freed the growth-stage pricing environment you're now enjoying; its unexited 2021 tail is your secondary shopping list at real discounts: Kenro and Oister are already circling.
PhonePe's deferred all-OFS listing is the highest-stakes pending print in Indian fintech: its pricing sets Razorpay's, and Tiger's full exit defines the foreign-capital-cycle narrative either way.
Sourcing. Every figure is sourced and dated. We tier provenance: Primary (official, regulatory, exchange or company filings), Secondary (tier-1 industry research and reputable media), and GW estimate (our own reconstruction or opinion, labelled, never presented as external fact). We prefer primary where it exists, reconcile divergent prints to cited ranges, and hold every number point-in-time: dated, and never silently restated; revisions publish as dated changes.
Fact vs opinion. Facts vs opinion: market sizes, official prints, prices, named deals and agency ratings are sourced facts (Primary/Secondary). Scores, grades, purity weights, scenario paths and indicative sparkline points are Gravitywell's analytical opinion (GW estimate): labelled, not presented as external data.
GW GP Scores are research opinions, not investment advice, not a solicitation, and not an assessment under any SEBI regulation. Dossiers are compiled from public sources believed reliable; firms named did not participate and figures marked E are Gravitywell estimates. Point-in-time: dated to the vintage shown and never silently restated.