Vanguard Lowers Ola Consumer Valuation to $70 Million

Vanguard Group Mark Down Ola Consumer Valuation to $70.3 Million

The US-based asset manager Vanguard Group has significantly reduced the valuation of ride-hailing company Ola Consumer, led by Bhavish Aggarwal, to approximately $70.3 million, according to the firm's latest filing with the US Securities and Exchange Commission (SEC).

This markdown represents a stark decline from the $51.7 million Vanguard invested in Ola in 2015, when the company was valued at around $5 billion. The latest assessment implies that Ola's valuation has fallen by nearly 99 percent from the level at which Vanguard first invested more than a decade ago, highlighting the dramatic erosion in value at one of India's once high-flying startup unicorns.

Vanguard has continued to slash Ola's valuation in recent years. In early 2024, the fund valued Ola at about $1.88 billion, before reducing the figure further to $1.25 billion in May 2025. The latest estimate represents a steep decline from those levels.

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The development comes as ANI Technologies, the parent of Ola Cabs, has begun early-stage discussions with investment banks as it explores a potential initial public offering (IPO) for its ride-hailing business. Founded by Bhavish Aggarwal, Ola emerged as one of India's largest ride-hailing platforms and competed aggressively with Uber in the domestic market. The company attracted backing from several global investors during India's startup boom and was once among the country's most valuable consumer internet firms.

However, the mobility platform has faced mounting pressure in recent years amid intense competition, slower growth in ride-hailing, and changing investor sentiment towards loss-making technology businesses. Several global investors have marked down the value of their holdings in late-stage startups as funding conditions tightened.

The latest valuation cut comes at a time when Bhavish Aggarwal has increasingly shifted focus toward other ventures, including electric vehicle maker Ola Electric and battery manufacturing via Ola Cell.