Vanguard cuts Ola's valuation to 1.9 billion

Ola Valuation: US-based asset management company (AMC) Vanguard has reduced the fair value of ANI Technologies, the parent company of cab-aggregator Ola, for the third consecutive time, according to a regulatory filing.

As per the recent markdown, Ola is valued at around $1.9 billion, which is 74 per cent lower than its valuation of $7.3 billion from when it raised $139 million from IIFL, Edelweiss PE among other investors in December 2021, it said.

Vanguard holds 1,66,185 shares of ANI Technologies, accounting for about 0.7 per cent stake in the ride-hailing startup.

The series of markdowns came despite ANI Technologies reducing its net loss in the previous fiscal year.

The company posted a net loss of Rs 772 crore in FY23 as against a loss of Rs 1,522 crore in FY22, while its consolidated revenue rose nearly 42 per cent annually to Rs 2,799 crore in the same period.

Investors across the board have been re-adjusting startup valuations over the past few months.

More recently, Invesco marked up Swiggy’s valuation to $8.3 billion, the second back-to-back increase, as reported earlier, as per media reports.

Last month, Fidelity decreased Meesho’s valuation from $5 billion earlier to $4.1 billion, while Pine Labs was valued at $3 billion as of October 31 last year, down from its valuation of $4.7 billion on August 31, 2023, according to media reports.