According to TechCrunch, Vanguard has adjusted its valuation of Indian ride-hailing company Ola to approximately $2 billion as of the end of August, based on a regulatory filing. The U.S. asset manager's fund revealed in the filing that it values its stake in ANI Technologies, Ola's parent company, at around $14.3 million. This is a significant decrease from the $51 million initially spent to acquire these shares. This disclosure suggests a valuation of about $2 billion for the Bengaluru-based startup, a sharp decline from its $7.3 billion valuation in late 2021.
Ola, which was co-founded by Bhavish Aggarwal in 2010, faces competition in India's ride-hailing market from companies like Uber, Swiggy-backed Rapido, and Google-backed Moving Tech. The recent valuation adjustment by Vanguard follows previous reductions, including one in August 2023, which valued the company at approximately $2.6 billion. Meanwhile, Ola Electric, a spin-off from Ola Cabs, went public earlier this year and currently holds a market capitalization of $4.2 billion. Additionally, Aggarwal's third venture, AI startup Krutrim, secured its first funding round earlier this year, achieving a valuation of $1 billion.