MUMBAI: US
asset manager
Vanguard has yet again slashed
Ola
’s
valuation
to about $1.9
billion
as of Nov 2023, recent
regulatory filings
made with the US Securities and Exchange Commission showed. This translates to a 74% drop in the company’s valuation from a
peak
of $7.3 billion at which it had raised $139 million in funding from investors in Dec 2021.
The Bengaluru-based ride hailing firm, which competes with players like Uber and Rapido in India, has faced a series of valuation markdowns by
Vanguard
since last year. Vanguard had slashed Ola’s valuation to about $3.5 billion as of May 2023 and had further cut it to $2.7 billion as of Aug. Ola could not be reached for a comment.
Amid a broader global tech slowdown, investors have been readjusting the valuation of their holdings in several late stage startups since the past year. Recently, SoftBank e-commerce startup Meesho’s valuation was slashed to $3.5 billion by Fidelity.
English (US) ·