Vanguard cuts Ola valuation by 29% to USD 1.88 billion: Report

Investment management firm Vanguard has slashed the valuation of Ola's parent company ANI Technologies to USD 1.88 billion, as of November 30, as per an ET report.

This is a 29% markdown from the earlier fair value of USD 2.65 billion as of 31 August, according to regulatory filings with the SEC, according to the ET report. 

The latest fair value of USD 1.88 billion attributed by Vanguard is 74% lesser than the last valuation at which the firm raised money, the ET report noted. 

The earlier valuation revision had cut the firm's fair value by 24% from USD 3.5 billion, which was the valuation as of May 31, last year, the ET report noted. 

The firm had secured USD 139 million, back in December 2021, at a valuation of USD 7.3 billion, the report noted. 

The parent company ANI owns a 4.35% interest in IPO-bound Ola Electric, which is aiming at a valuation of USD 7-8 billion.