Vanguard slashes Ola’s valuation by 35% to $4.8 billion: Report
The US-based investment management firm valued its stake in Ola at $33.86 million recently, down from $51.82 million in August 2022, according to report.
, the parent company of cab ride-hailing aggregator , has seen its valuation sliced by Vanguard by around 35% to $4.8 billion from its peak of $7.4 billion.
It is the third valuation deprecation of the ride-hailing platform by the same investor, as reported by VCCircle.
The US-based investment management firm valued its stake in Ola at $51,825,000 in August 2022, it reduced its holding to the tune of $33,865,000 at the end of February this year.
The cutback has come at a time when the company is expecting to go public next year.
Vanguard, which first invested in Ola in 2015, cut the value of its investment by 45% between December 31, 2019, and June 30, 2020. It further reduced the value of its investment by 9.5% recently, bringing the company’s overall valuation from a little over $6 billion to about $3 billion.
In 2017, it also sliced Ola’s valuation by 41% but marked it up in subsequent months. It’s also worth noting that Vanguard is a minority investor with less than 1% stake in the company.
Ola last raised Rs 150 crore as a part of the Series J round in February last year.
The current macro environment has seen the valuations of multiple startup unicorns being re-adjusted. Earlier this year investor , downsized its valuation to $11.5 billion from $22 billion. Subsequently, Oyo’s largest investor, , sliced the internal valuation to $2.7 billion in September 2022.
Recently, Invesco, which led Swiggy's latest round at a valuation of $10.7 billion, reduced the valuation to $5.5 billion.