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Vanguard slashes Ola valuation by 29% to below $2 billion

Economic TimesEconomic Times · 1y ago
Vanguard slashes Ola valuation by 29% to below $2 billion
Medial

US investment major Vanguard has reduced the fair value of Ola's parent company, ANI Technologies, to $1.88 billion, a 29% decrease from its previous valuation. This marks a significant decline in Ola's valuation, which last raised funds in December 2021 at a valuation of $7.3 billion. Vanguard's revision comes amidst similar valuation adjustments for other Indian consumer internet companies by US investors. Ola did not respond to queries regarding the valuation adjustment. ANI Technologies recently reported a 65% reduction in its standalone loss for fiscal year 2023. Ola's new CEO, Hemant Bakshi, emphasized fleet-wide electrification and premiumization as the company's growth drivers. Ola Electric, the company's associate firm, is preparing for an IPO with a projected valuation of $7-8 billion.

Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO

EntrackrEntrackr · 1y ago
Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO
Medial

ANI Technologies, the parent company of ride hailing company Ola, has appointed Ankush Aggarwal as the chief executive officer of Ola Financial Services. His appointment comes on the backdrop of resignation of Hemant Bakshi as CEO of the ride hailing business. Bakshi was leading the mobility business along with a focus on key businesses such as financial services, logistics, and e-commerce. As per an ET report, Ankush Aggarwal will be a part of the senior leadership of Ola Cabs. In March 2022, Ankush Aggarwal (brother of Ola’s founder Bhavish Aggarwal) sold his startup Avail Finance to ANI Technologies for about $50 million in a share swap deal. After the deal, he joined Ola Electric, a separate company founded by Bhavish Aggawral, as the chief business officer (CBO). While Ola is yet to name the new chief executive of the ride hailing business, Bhavish Aggarwal will look after the day-to-day operations of the company. Entrackr has reached out to Ola for comment. Earlier this year, Ola announced that it had turned EBITDA profitable in FY23. During the period, its revenue jumped 42% to Rs 2,799 crore as compared to Rs 1,970 crore in FY22. The firm managed to cut down its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in the previous year. Also Read: Startups rope in new CEOs amid cash crunch, layoffs, profitability and IPO plans Ola Money, which is operated by Ola Financial Services, recorded Rs 85.5 crore revenue with a loss of Rs 54.6 crore while the cab leasing firm Ola Fleet Technologies’ revenue stood at Rs 189.9 crore with Rs 387.6 crore loss in FY23. Last month, Ola announced that it is rolling back its services from international markets such as the UK, Australia and New Zealand. ​​The move is likely due to its shift in attention towards launching an initial public offering. As per media reports, Ola is gearing up for the IPO and has finanlised book running lead managers for going public.

Why Ola’s Path To Green Mobility Is Full Of Twists And Turns

Inc42Inc42 · 1y ago
Why Ola’s Path To Green Mobility Is Full Of Twists And Turns
Medial

Ola Cabs, a major ride-hailing company in India, has been slow to make progress in transitioning to electric mobility and has faced increased competition in the EV segment. While Ola Electric, a subsidiary of Ola Cabs, was established in 2017, the company has yet to achieve any significant milestones in its quest for an electric fleet. In contrast, competitors like Uber India and other emerging players such as BluSmart and Evera Cabs have already deployed thousands of electric vehicles. Ola's past initiatives, such as "Mission: Electric," have not come to fruition, and the company's current CEO, Hemant Bakshi, has offered limited clarity on its green mobility plans. Nevertheless, Ola aims to expand its electric vehicle offerings beyond two-wheelers to include three-wheelers, cars, and e-buses. However, Ola Electric's timeline for new products may not align with Ola Cabs' ambitions. Ola Electric plans to launch electric auto-rickshaws in the coming months, which could be integrated into Ola Cabs' fleet. The company also intends to enter the electric car market eventually but may need to partner with fleet operators and other original equipment manufacturers in the meantime. Ola's focus on scaling up its electric two-wheeler ride-hailing vertical is driven by the belief that state governments are more likely to favor two-wheelers over traditional internal combustion engines. However, Ola faces competition from established players such as Yulu and Rapido, as well as Uber's emphasis on Uber Moto. Ola still has to overcome challenges such as unit economics and profitability while catching up with existing rivals.

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