Vanguard cuts Ola's valuation for the third time
Vanguard had purchased its stake in Ola's parent company ANI Technologies for $51.7 million.
Vanguard, the world's largest issuer of mutual funds, has slashed the valuation of Bhavish Aggarwal-ledto $1.88 billion, lower than its latest fair value of $2.65 billion as of August 31, according to media reports.
Vanguard's valuation is 74% lower than the last valuation at which Ola raised money, which was in December 2021 in a round led by Edelweiss PE. The funding round had valued ANI Technologies at over $7 billion.
The US investor had made similar trimmings to the valuation of its stake in Ola in August last year, when it devalued it by over 50%, just six months after its first cut in February 2023. It valued Ola at $3.5 billion in its August 2023 round.
So far, Ola has raised around $4 billion in equity funding from investors such asand . The company had planned to do an initial public offering in 2021 and even engaged investment banks to underwrite the offering, only to later withdraw its plans.
ANI Technologies, the parent company of Ola, said its standalone loss in FY23 narrowed by nearly 65%, coming in at Rs 1,082.56 crore.
In a press conference two weeks ago, the company said it would start offering electric two-wheeler rides on its ride-sharing platform to capture the large chunk of the market that prefers economical rides.
Edited by Suman Singh