Funds managed by US investment giant Vanguard have slashed the fair value of ride-hailing platform Ola’s parent, ANI Technologies, to $70 million as of February 28, according to regulatory filings with the US Securities and Exchange Commission (SEC). This is 99% below the Bengaluru-based company’s peak valuation of $7.3 billion.
Vanguard’s latest markdown comes close on the heels of Ola’s continued loss of market share in the ride-hailing segment, where it has been ceding ground to WestBridge Capital-backed urban mobility startup Rapido.
ANI Technologies reported a 42% decline in revenues to Rs 1,171 crore for the financial year ended March 2025, according to numbers released last month. Its net loss widened to Rs 662.4 crore from Rs 328.7 crore a year earlier.
