Summary:
Vanguard cuts Ola's valuation to $2 billion
Ola's valuation dropped from $7.3 billion in late 2021
The parent company, ANI Technologies, now valued at $14.3 million
Ola competes with Uber, Rapido, and Moving Tech in India
Ola Electric went public with a market cap of $4.2 billion
In Brief
Vanguard has revised its valuation of Ola, the Indian ride-hailing startup, to approximately $2 billion as of the end of August, as disclosed in a regulatory filing.
Image Credits: Aparna Jayakumar / Bloomberg / Getty Images
The U.S. asset manager’s fund revealed that it now values its holding in ANI Technologies, the parent company of Ola, at around $14.3 million, a significant drop from the $51 million it originally invested to acquire those shares. This adjustment indicates a sharp decline in Ola's valuation, which was previously assessed at $7.3 billion in late 2021.
Ola competes with major players like Uber, Swiggy-backed Rapido, and Google-backed Moving Tech in India’s competitive ride-hailing market.
This latest valuation cut follows previous reductions by Vanguard, including a valuation of about $2.6 billion in August 2023.
Co-founded in 2010 by Bhavish Aggarwal, Ola has expanded into electric vehicles with Ola Electric, which went public earlier this year with a market cap of $4.2 billion. Additionally, Aggarwal's third venture, an AI startup named Krutrim, raised its first funding round earlier this year at a valuation of $1 billion.
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