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MUMBAI: US asset manager Vanguard has yet again slashed Ola’s valuation to about $1.9 billion as of Nov 2023, recent regulatory filings made with the US Securities and Exchange Commission showed. This translates to a 74% drop in the company’s valuation from a peak of $7.3 billion at which it had raised $139 million in funding from investors in Dec 2021.
The Bengaluru-based ride hailing firm, which competes with players like Uber and Rapido in India, has faced a series of valuation markdowns by Vanguard since last year. Vanguard had slashed Ola’s valuation to about $3.5 billion as of May 2023 and had further cut it to $2.7 billion as of Aug. Ola could not be reached for a comment.
Amid a broader global tech slowdown, investors have been readjusting the valuation of their holdings in several late stage startups since the past year. Recently, SoftBank e-commerce startup Meesho’s valuation was slashed to $3.5 billion by Fidelity.
The Bengaluru-based ride hailing firm, which competes with players like Uber and Rapido in India, has faced a series of valuation markdowns by Vanguard since last year. Vanguard had slashed Ola’s valuation to about $3.5 billion as of May 2023 and had further cut it to $2.7 billion as of Aug. Ola could not be reached for a comment.
Amid a broader global tech slowdown, investors have been readjusting the valuation of their holdings in several late stage startups since the past year. Recently, SoftBank e-commerce startup Meesho’s valuation was slashed to $3.5 billion by Fidelity.
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