vanguard cuts indian rideshare startup ola’s valuation to $2b

vanguard has revised its valuation of indian ride-hailing startup ola to about $2 billion as of the end of august, according to a regulatory filing.a 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 some $51 million it spent to acquire those shares.
the disclosure implies a valuation of about $2 billion for the bengaluru-headquartered startup, which was 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.the valuation adjustment follows previous cuts by vanguard, including one in august 2023 that valued the company at about $2.6 billion.bhavish aggarwal co-founded ola in 2010. ola electric, which spun out of ola cabs several years ago, went public earlier this year and commands 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.