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

Economic TimesEconomic Times · 9m
Vanguard slashes Ola valuation by 29% to below $2 billion

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.

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