Once hailed as the one of India's largest startups, Ola's downfall in the past few years has been hard to ignore, especially in the wake of Rapido's emergence as the great disruptor in the ride-hailing sector.
Ola's fall from grace has now been made official by funds managed by US investment giant Vanguard, which has cut the fair value of Ola's parent, ANI Technologies to just $70 million, according to regulatory filings with the US Securities and Exchange Commission. The markdown leaves the Bengaluru-based company 99% below its peak valuation of $7.3 billion, as reported by Entrackr.
Perhaps the biggest blow for Ola has come in the form of WestBridge Capital-backed Rapido, which has claimed market share and is currently the biggest ride-hailing app in India, alongside Uber.
ANI Technologies reported a 42% decline in revenue to Rs 1,171 crore for the financial year ended March 2025, whereas net loss widened to Rs 662.4 crore from Rs 328.7 crore a year earlier.
Ola's fall from grace.
This comes on the back of Ola's IPO ambitions, with the company believing now it has sufficient resources, including liquid investments in listed entities.
However, Vanguard values ANI Technologies at just $70 million, which is not the only blow the company has received in recent memory. In November, Moody's downgraded ANI Technologies' credit rating and assigned a negative outlook, citing weak operating performance.
The agency noted that Old held about $90 million in cash as of March 2025 but warned this would "fall substantially short" of meeting debt-servicing and capital-expenditure requirements through December 2026. Interestingly, this does mean that Ola's stake in Ola Electric is worth more than the company itself.
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