US-based asset manager Vanguard has reduced the valuation of ride-hailing startup Ola Consumer to about $70 million, according to its latest filing with the US Securities and Exchange Commission. This marks a steep decline from the $7.3 billion peak valuation Ola reached in 2021. Vanguard currently values its stake in Ola at approximately $728,000, down from an initial investment of roughly $51.7 million in 2015 when Ola was valued at around $5 billion, per inc42.com.
The markdown reflects a series of valuation adjustments by Vanguard over recent years. Earlier in 2024, the company valued Ola Consumer at $1.88 billion before lowering it to $1.25 billion in May 2025. The latest figure of $70 million represents a nearly 99% drop from the startup's peak valuation during the 2021 funding boom. While such valuations by asset managers do not always indicate market value, they serve as indicators of investor sentiment and expected performance, according to inc42.com.
Ola Consumer's valuation decline comes amid preparations for a public listing. The company's board approved a proposal to go public in September last year, and it has since begun steps toward an initial public offering. If successful, Ola Consumer would become the second company founded by Bhavish Aggarwal to list publicly. The markdown underscores challenges faced by Indian startups in maintaining high valuations post the 2021 funding surge, with Ola Consumer among the most notable examples, inc42.com reports.
Vanguard's latest valuation filing with the SEC highlights the company's current stake worth $728,000, down from its original $51.7 million investment. The public listing preparations continue, with the IPO expected to provide a clearer market valuation for Ola Consumer in the near term, according to inc42.com.