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Vanguard revised its valuation of Indian ride-hailing startup Ola to about $2 billion as of the end of August, according to a regulatory filing.
A US asset manager fund revealed in a filing that it values its stake in ANI Technologies, Ola’s parent company, at about $14.3 million, compared to about $51 million it spent to acquire those shares.
The disclosure includes a valuation of around $2 billion for the Bengaluru-headquartered startup, which was valued at $7.3 billion in late 2021. Ola competes with Uber, Swiggy-backed Rapido and Google-backed Moving Tech in the ride-hailing market in India.
The valuation adjustment comes on the heels of previous cuts made by Vanguard, including a cut in August 2023 that valued the company at about $2.6 billion.
Bhavesh Agarwal co-founded Ola in 2010. Ola Electric, which was spun off from Ola Cabs several years ago, went public earlier this year and has a market capitalization of $4.2 billion. His third venture, AI startup Krutrim, raised its first funding round earlier this year at $1 billion.
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