Vanguard marks down Ola’s valuation to $1.88 Bn

US-based asset management company Vanguard has marked down Ola’s valuation to less than $2 billion. This is the third consecutive haircut in the firm’s valuation by Vanguard since February 2023.

Vanguard has marked down Ola’s parent ANI Technologies to $1.88 billion as of November 30, 2023, as per its regulatory filings with the US Securities and Exchange Commission (SEC). This is 29% lower than its previous fair value of $2.65 billion as of August last year.

Economic Times reported the development first.

In February last year, Vanguard marked down the fair value of its stake in Ola by 35% to $4.8 billion and later slashed their holding by another 52% to $3.5 billion in its July disclosure.

It’s worth noting that Ola was valued at $7.3 billion in 2021.

Ola’s parent ANI Technologies recorded a 42% growth in scale to Rs 2,799 crore in FY23 as compared to Rs 1,970 crore in FY22. The company also managed to cut down its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in FY22.

Ola’s parent ANI Technologies recorded a 42% growth in scale to Rs 2,799 crore in FY23 as compared to Rs 1,970 crore in FY22. The company also managed to cut down its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in FY22.

Of late, late stage startups have been facing valuation markdown by their investors. Edtech company Byju’s is on top as it saw 95% cut in its fair value by its investor Blackrock. Recently, Fidelity cut the valuation of e-commerce company Meesho and fintech unicorn Pine Labs. Swiggy, however, saw back to back markup in its valuation by Invesco.