Vanguard pegs Ola’s valuation between $1.4 - $1.5B
Vanguard has consistently trimmed down the market value of its holdings in Ola, as the competition in the Indian ride-hailing segment tightens.
US-based asset management firm, Vanguard, has pegged Ola’s parent entity ANI Technologies' valuation between $1.4 and $1.5 billion, it said in a recent regulatory filing.
Vanguard, which purchased shares of the company in 2015 for $5.96 million, currently sees the market value of these shares at $8.72 million.
During the reporting period of between September 1, 2023, and August 31, 2024, the market value of Vanguard’s holdings in Ola's parent firm was $14.9 million.
The asset management firm is a small shareholder in the company, holding less than 1% stake.
Ola Cabs, which was recently renamed Ola Consumer to reflect its expansion into a wider range of consumer services, was reportedly looking to list on public bourses.
In November, SoftBank, an investor in Ola Consumer, listed the company under its late-stage portfolio companies that might go public in the near future. However, the Japanese investment banker removed its name from this list during its Q3 presentation in February this year.
At its height, Ola Consumer was reportedly valued at $7.3 billion in 2021.
Additionally, the firm is seeing staggering revenues, reporting a 21% decline to Rs 2,368 crore for FY24. It is also battling for market share, as rivals such as Rapido see rising growth in the ride-hailing segment. Other companies, including US-based Uber and new entrant Namma Yatri, have also made strides to eat into Ola’s market share.
Recently, ANI Technologies has been facing investor scrutiny about its founder Bhavish Aggarwal’s plans to reportedly move the Ola brand from ANI Technologies to an entity controlled by his family office.
Edited by Suman Singh