Vanguard, a US-based investment firm, reduces Ola’s valuation to $1.88 billion.

US-based investment firm Vanguard has reportedly lowered the valuation of the ride-hailing giant Ola to less than $2 billion. Vanguard revised the valuation of Ola’s parent company, ANI Technologies, to $1.88 billion as of November 30, 2023, according to regulatory filings with the US Securities and Exchange Commission (SEC). This valuation represents a 29 percent decrease from its previous fair value of $2.65 billion in August of last year, as reported by Entrackr.

This marks the third consecutive markdown of Ola’s valuation by Vanguard since February 2023. In February of last year, Vanguard reduced the fair value of its stake in Ola by 35 percent to $4.8 billion. The asset management company subsequently lowered its holding by an additional 52 percent to $3.5 billion. Ola, led by Bhavish Aggarwal, was valued at $7.3 billion in 2021.

In the fiscal year 2022-23, Ola recorded revenue of Rs 2,800 crore while managing to decrease its losses by nearly 50 percent. ANI Technologies, the parent company of Ola, saw a 42 percent growth in revenue to Rs 2,799 crore in FY23, compared to Rs 1,970 crore in FY22, according to audited financial results available on Ola’s website. The company also reduced its losses by approximately 50 percent to Rs 772 crore in FY23, down from Rs 1,522 crore in FY22. Ola’s mobility business in India reported a profit of Rs 250 crore in FY23, a turnaround from the Rs 66 crore loss in FY22.

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