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Vanguard has adjusted the valuation of Indian ride-hailing startup Ola to approximately $2 billion as of the end of August, as stated in a regulatory filing.
Valuation Adjustment:
The U.S. asset manager’s fund disclosed in a filing that it values its holding in ANI Technologies, the parent firm of Ola, at about $14.3 million, compared to the $51 million spent to acquire those shares. This adjustment implies a valuation of around $2 billion for the Bengaluru-headquartered startup, which was previously valued at $7.3 billion in late 2021. Ola competes with Uber, Swiggy-backed Rapido, and Google-backed Moving Tech in India’s ride-hailing market.
Previous Adjustments:
The valuation adjustment by Vanguard follows previous cuts, including one in August 2023 that valued the company at approximately $2.6 billion.
Founder’s Ventures:
Bhavish Aggarwal co-founded Ola in 2010. Ola Electric, a spin-off of Ola Cabs, recently went public with a market cap of $4.2 billion. His third venture, AI startup Krutrim, raised its first funding round earlier this year at a valuation of $1 billion.
