U.S.-based asset management firm Vanguard Inc. has cut Ola's valuation by 33% to about $4.8 billion in about three months.
The U.S. investor holds a less than 1% stake in ANI Technologies Pvt., the owner of ride-hailing company Ola, according to Securities and Exchange Commission filings accessed by BQ Prime. It owns about 1,85,355 shares in the company via two funds: Vanguard World Fund and Vanguard Variable Insurance Funds.
A large chunk, about 1.6 lakh shares, are held with the Vanguard World Fund. In November last year, it valued its holding in Ola at about $50.5 million. In a filing dated February 28, the value of the same stake fell to about $33.86 million.
With its stake of about 0.7%, the valuation of Ola comes to $4.8 billion, down from $7.2 billion earlier.
Vanguard had cut its valuation of Ola at the beginning of the pandemic as well because its ride-hailing operations were stalled due to a countrywide lockdown.
The sharp trim in Ola's valuation comes days after another U.S.-based investor, Invesco, slashed Swiggy's valuation. These haircuts come as omens of a changing capital market where a defined path to profitability and focused ambitions have taken precedence over growth and blitzscaling.
Valuations of privately held tech giants like Byju's and Oyo and even listed companies like Zomato Ltd., Nykaa's parent FSN E-Commerce Ventures Ltd., and Paytm's parent One97 Communications Ltd. have tumbled after a bumper 2021.
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