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

Economic TimesEconomic Times ยท 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.

Vanguard values Ola at $1.25 Bn

EntrackrEntrackr ยท 6m ago
Vanguard values Ola at $1.25 Bn
Medial

US-based asset management company Vanguard has marked down Olaโ€™s valuation to $1.25 billion, according to a SEC filing in the US. This represents more than an 80% drop from its peak valuation of $7.3 billion in 2021. In February 2024, Vanguard had valued the Bhavish Aggarwal-led company at less than $2 billion ($1.88 billion) for the first time. However, it later revalued the company at around $2 billion in November last year. This development comes as Ola continues its push toward a public listing, even as it loses ground in the ride-hailing space (cabs, autos, and bikes). Rapido has emerged as the market leader, followed by Uber, with Ola now relegated to third place. In August last year, CEO Bhavish Aggarwal announced that Ola Cabs would be rebranded as Ola Consumer, consolidating its financial services, cloud kitchens, and electric logistics under one umbrella. Although Ola converted into a public entity in November 2024 and has been evaluating IPO options since November last year, it has yet to make concrete moves toward a listing. Analysts suggest that Ola is likely to delay its IPO plans by at least six months, citing unfavorable market conditionsโ€”especially in light of the declining market cap and share price of Ola Electric. During FY24, Olaโ€™s operating revenue declined by 5.5% to Rs 2,012 crore, down from Rs 2,128 crore in FY23. However, the company narrowed its losses significantly to Rs 10 crore in FY24, compared to Rs 623 crore in the previous fiscal year. The Bengaluru-based firm also turned EBITDA profitable in FY24. Meanwhile, its rival Rapido reached unicorn status last year after raising $200 million at a valuation of $1.1 billion. The Swiggy-backed company also surpassed Ola in terms of combined daily rides across bike taxis, autos, and cabs in Q2 FY25. Despite losing market share, Olaโ€™s ride-hailing business remained more than twice the size of Uberโ€™s and 2.5 times that of Rapido in terms of revenue. In FY24, Olaโ€™s ride-hailing income stood at Rs 1,761 crore, compared to Uberโ€™s Rs 807 crore from its mobility operations. Rapido reported Rs 648 crore in revenue for the same period, while managing to cut its losses by 45% to Rs 371 crore. While this valuation downgrade may not have a direct financial impact on Ola, it could weigh on internal moraleโ€”especially as the company weighs its public market debut.

Invesco marks up Swiggyโ€™s valuation to $12.7 Bn

EntrackrEntrackr ยท 1y ago
Invesco marks up Swiggyโ€™s valuation to $12.7 Bn
Medial

Swiggy has once again witnessed a valuation mark up to $12.7 billion by US-based investor Invesco. This is second markup in its value by Invesco and overall third for the Bengaluru-based foodtech decacorn. This is an 18% jump in the valuation of Swiggy compared to its last equity round in January 2022. Earlier, Invesco marked up Swiggyโ€™s valuation to $8.3 billion in January whereas US-based asset management firm Baron Capital increased the firmโ€™s valuation to $12.1 billion in March this year. ET reported the development first citing US Securities and Exchange Commission filings. The increase in fair market value comes at a time when Swiggy is preparing for initial public offering (IPO). As per Entrackrโ€™s sources, the company may file IPO papers in the second half of 2024. On Monday, the firm converted itself into a public entity. Entrackr exclusively reported the development. Besides Swiggy, Meesho, PineLabs, FirstCry and Ola Electric have also seen markups in their valuation in the last six months. Significantly, all these companies are preparing to go public in this or early next year. This is a developing storyโ€ฆ

Info Edge pegs Zomato, PB Fintech holdings at $3.7ย billion

EntrackrEntrackr ยท 6m ago
Info Edge pegs Zomato, PB Fintech holdings at $3.7ย billion
Medial

Info Edge (India) Ltd has pegged the combined value of its holdings in two of Indiaโ€™s top tech internet firmsโ€”Zomato and PB Fintech (which operates Policybazaar and Paisabazaar)โ€”at Rs 31,500 crore (approximately $3.7 billion) as of March 31, 2025, according to its latest disclosures. The Gurugram-based internet conglomerate holds a 12.38% stake in Zomato and 19% in PB Fintechโ€”key pillars of Info Edgeโ€™s listed tech portfolio that continue to add significant value to its balance sheet. According to an analyst report from Info Edge, its investment activities account for approximately 30โ€“40% of the companyโ€™s overall value. The firm made its initial investments in Policybazaar in 2008 and Zomato in 2010, when the firms were valued at Rs 21 crore and Rs 9.4 crore, respectively, as per shareholder records. So far, Info Edge has backed 111 startups using a mix of its own capital and funds through its Alternative Investment Fund (AIF) arm. It has invested Rs 3,959 crore across these companies, while the fair market value of its portfolio stands at Rs 36,855 crore ($4.33 billion), implying an estimated gross internal rate of return (IRR) of 36%. While Info Edge has not indicated any immediate plans to exit or monetize these key holdings, the disclosures reaffirm how startup equity continues to be a critical pillar in its long-term value creation strategy.

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