Ola Consumer, the ride-hailing company founded by Bhavish Aggarwal and Ankit Bhati, saw its valuation fall sharply to $70 million as of June 3, 2026, according to Vanguard, an early investor. This marks a steep decline from its $7.3 billion valuation in late 2021, representing a drop of over 90%. The parent company ANI Technologies reported a 42% fall in operating revenue to ₹1,171 crore in fiscal year 2025, down from ₹2,012 crore the previous year, with net losses widening significantly, inc42.com reported.
The valuation markdown by Vanguard, one of the world's largest asset managers, reflects a challenging period for Ola Consumer. The company, which had raised $139 million in 2021 backed by investors including SoftBank, Tiger Global, and Temasek, has struggled amid increased competition and institutional neglect. Last year, Vanguard had valued Ola Consumer at around $1.25 billion, indicating a particularly difficult year for the company. The decline coincides with Ola's broader strategic shifts, including its expansion into Ola Electric and other ventures.
Ola Consumer's steep valuation drop highlights the volatility in India's ride-hailing and tech startup sectors, where rapid growth can be followed by sharp corrections. The company's fall contrasts with its peak in 2021 when it was among India's most audacious tech firms. The sector has seen increased competition from rivals who capitalized on Ola's struggles. The financial performance of ANI Technologies, with a significant revenue decline and rising losses, underscores the operational challenges facing the company amid a changing market landscape.
Ola Consumer's valuation drop to $70 million was officially recorded by Vanguard on June 3, 2026, marking one of the most significant value reductions for an Indian tech startup in recent years, according to inc42.com.