Vanguard marks down Ola Consumer valuation to about $70 million

The asset manager's latest valuation implies a nearly 99 per cent decline from the level at which it first invested in the ride-hailing company in 2015

US asset manager Vanguard has marked down the value of its investment in ride-hailing firm Ola Consumer (ANI Technologies), implying a valuation of about $70.3 million for the company, according to a report by Entrackr, citing Vanguard’s latest filing with the US Securities and Exchange Commission (SEC).

 

The implied valuation is based on the carrying value of roughly $728,000 that Vanguard assigned to its Ola stake. The fund invested about $51.7 million in the company in 2015, when Ola was valued at around $5 billion.

 

The latest mark suggests the company’s valuation has fallen nearly 99 per cent from the level at which Vanguard first invested.

 

 

The markdown is the latest in a series of valuation cuts by Vanguard, which valued Ola at $1.88 billion in early 2024 and $1.25 billion in May 2025.

 

In May 2023, Vanguard had marked down Ola’s valuation by about 35 per cent to $4.8 billion.

 

In December 2021, the ride-hailing platform raised about $139 million from investors including IIFL, Edelweiss and Sunil Munjal-led Hero Enterprise. At that time, Bhavish Aggarwal-led Ola was valued at about $7.3 billion.

 

The company declined to comment on Vanguard’s latest valuation cut.

 

Industry sources noted that valuations assigned by fund managers to private holdings are based on internal assumptions and market factors and may not necessarily reflect a company’s actual market value.

 

The markdown comes as Ola prepares for a planned initial public offering (IPO).

 

The company’s revenue declined 42 per cent to ₹1,171 crore in FY25, while its net loss widened to ₹662 crore from ₹329 crore a year earlier.

 

Ola also faces intensifying competition from rivals Uber and Rapido, the latter of which was valued at $3 billion after recently raising $240 million.

 

Vanguard’s valuation of Ola Consumer is now significantly lower than the value of its stake in the separately listed entity, Ola Electric.