TVF Play: Tiger Global exits at $22M, down from $82M peak
What's the deal? Tiger Global ManagementDealroom has a profile for this one. Try Dealroom → has fully exited The Viral Fever (TVF)Dealroom has a profile for this one. Try Dealroom →, selling its stake at a $22 million valuation. The Indian studio behind web series such as Panchayat and Kota Factory was bought by a consortium including Lighthouse India Fund-I, Frontier Globecap Ventures, and LC Nueva Advisors LLP.
Why now? The price marks a steep markdown from TVF's $82 million valuation in 2019, reflecting a broader reset for Indian startups that raised at peak valuations in 2018 and 2019.
By the numbers: TVF's revenue climbed to ₹182.4 crore in FY25 from ₹34.3 crore in FY21. But profit tells a different story: net profit peaked at ₹68.3 crore in FY22, then fell to ₹13 crore by FY25.
That mix of top-line growth and shrinking margins is what investors now scrutinise most closely.
What could go wrong? The exit coincides with the departure of Shreyansh Pandey, head of TVF Originals, who is leaving after eleven years to launch his own venture. Pandey built shows including Aspirants and Gullak, and his exit adds operational risk as TVF works to hold its content quality.
The signal: The deal captures two forces reshaping Indian venture. Foreign firms face tougher regulatory and tax scrutiny over offshore structures, while investor focus has shifted from pure revenue growth to sustainable profitability. TVF's next test is stabilising margins and producing hits under new leadership.
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