Global asset management giant Vanguard has cut its valuation of ride-hailing firm Ola Consumer to $2 billion, marking a 72% drop from its peak valuation.
In a regulatory filing, the US-based investor said it now values its stake in ANI Technologies, Ola’s parent company, at $14.3 million. It had initially invested $51 million in 2015.
The latest update suggests that Bengaluru-based Ola is currently valued at approximately $2 billion, a steep fall from its $7.3-billion valuation in late 2021.
Vanguard has reduced Ola’s valuation multiple times since 2017. The latest markdown cycle began in May 2023, with Vanguard first setting Ola’s valuation at $4.8 billion, subsequently lowering it to $3.5 billion in August 2023, and further to $2 billion by February 2024.
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This valuation cut comes as Ola prepares for an initial public offering (IPO). In August, the Ola Group rebranded its ride-hailing platform Ola Cabs to Ola Consumer, expanding its services to include financial services, logistics, and e-commerce. Reports indicate Ola Consumer generated a gross order value (GOV) of Rs 3,000 crore for the April-June quarter, with its core mobility segment contributing 77% of this GOV.
Ola Electric, which was spun off from Ola Consumer, went public in August and currently holds a market capitalisation of $4.2 billion.
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