US asset manager Vanguard has slashed the valuation of Ola Consumer to about $70.3 million, according to its latest filing with the US Securities and Exchange Commission (SEC), a nearly 99% markdown from the ride-hailing firm’s peak valuation of $7.3 billion.
Vanguard had put in about $51.7 million in 2015, when the company’s valuation was pegged at around $5 billion.
Vanguard’s carrying value of its Ola holding currently stood at roughly $728,000. The revision is the latest in a string of steep cuts to the valuation of the Bhavish Aggarwal-led company by one of its early institutional backers. Vanguard had earlier valued Ola at $1.88 billion in early 2024 and at $1.25 billion in May 2025.
Valued $7.3 billion at the height of the 2021
Once among India’s most valuable startups, Ola had touched a valuation of $7.3 billion at the height of the 2021 funding cycle. The markdown comes as Ola reportedly readies for its initial public offering (IPO). In FY25, operating revenue fell 42% to Rs 1,171 crore from Rs 2,012 crore a year earlier, while net loss widened to Rs 662 crore from Rs 329 crore.
The company continues to face stiff competition from Uber and Rapido in the ride-hailing market. Rapido recently valued itself at $3 billion after a $240-million fundraise. Meanwhile, Uber recently pumped about $330 million into its India arm to aggressively compete in the market. Ola did not respond to a request for comments.