Ola's valuation plunges 74% to $1.9 billion
Vanguard, a US-based asset management company, has once again lowered the value of ANI Technologies, Ola's parent company, according to regulatory filings. This marks the third consecutive markdown of Ola by Vanguard, bringing the Bhavish Aggarwal-led company's valuation to approximately $1.9 billion. This is a staggering 74% decrease from Ola's peak valuation of $7.3 billion in December 2021 when it secured $139 million from investors like IIFL and Edelweiss PE.
Vanguard owns 166,185 shares of ANI Technologies
In May last year, Vanguard valued Ola at $4.8 billion, which dropped to $3.5 billion in August 2023. The US-based asset management firm owns 166,185 shares of ANI Technologies, representing a 0.7% stake in the start-up. In FY23, ANI Technologies reported a reduced net loss of Rs. 772 crore compared to loss of Rs. 1,522 crore in FY22. It also recorded a 42% YoY increase in consolidated revenue to Rs. 2,799 crore.
Ola Electric is gearing up for IPO
ANI Technologies does business as Ola cabs, an online cab aggregator. The company was founded in 2010. It connects customers to drivers, providing a range of vehicles such as cars, bikes, and auto-rickshaws. ANI Technologies is also the parent company of Ola Electric, an electric vehicle manufacturer established in 2017. Ola Electric is gearing for its IPO later this year. It aims to raise between $700-$800 million, at a valuation of $7-$8 billion.
