According to media reports, Ola's valuation has faced another cut by Vanguard, a major public fund investor. Vanguard has reportedly lowered its estimate for Ola Consumer’s fair value by around 15 per cent as of August 30, setting the company’s worth at approximately USD 2.1 billion.
This follows a previous reduction by Vanguard last November, which brought Ola’s valuation below USD 2 billion, a significant dip for the ride-hailing company, once valued over USD 7 billion, as per media reports.
Earlier this year, the same fund had increased its valuation estimate of Ola by 23 per cent, momentarily lifting it to about USD 2.5 billion. However, this did not mark a sustained recovery for Ola, which has seen fluctuating valuations since the pandemic, media sources indicate.
As per reports, Vanguard initially slashed Ola’s valuation during COVID-19, when a steep drop in demand hit the company hard. The ride-hailing firm's revenue had plummeted by around 95 per cent during the lockdown, CEO Bhavish Aggarwal said at the time. Vanguard’s latest valuation places Ola at nearly half the worth of Ola Electric, in which it holds a minority stake.
