Vanguard Marks Down Ola Consumer Valuation To $70 Mn
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US-based asset manager Vanguard has slashed the valuation of ride-hailing startup Ola Consumer to about $70 Mn, according to its latest filing with the US Securities and Exchange Commission (SEC).
The valuation is based on the carrying value of Vanguard’s stake in the company. Vanguard currently values its holding in Ola at about $728,000. The fund had invested roughly $51.7 Mn in the company in 2015 when Ola was valued at around $5 Bn.
Based on the latest mark, Ola’s valuation has fallen about 99% from Ola’s peak valuation of $7 Bn in 2021.
The latest markdown also marks a sharp decline from the valuation Vanguard had assigned to the company in recent years. It had valued Ola at $1.88 Bn in early 2024 before reducing it to $1.25 Bn in May 2025.
The latest estimate is also a far cry from Ola’s peak valuation of $7.3 Bn during the funding boom of 2021, when it was among India’s most valuable startups.
While valuations assigned by mutual funds and asset managers to their private holdings do not necessarily reflect a company’s actual market value, they are often seen as an indicator of investor sentiment and expected future performance.
The markdown comes at a time when Ola is mulling a public listing. Ola Consumer’s board approved a proposal to go public in September last year and the company has already begun preparations for a public listing.
If the listing goes ahead, Ola Consumer would become the second company founded by Bhavish Aggarwal to hit the public markets after Ola Electric, which debuted on Indian stock exchanges in August 2024.
Its FY25 financial statements show that it accounted for ₹18.8 Cr as a prepaid expense towards the IPO process. It is yet to file its FY26 numbers.
In FY25, Ola Consumer reported a net loss of ₹662.4 Cr, more than double the ₹328.7 Cr loss it posted a year earlier. Operating revenue fell 42% to ₹1,170.9 Cr from ₹2,011.9 Cr in FY24.
The company ended FY25 with accumulated losses of more than ₹21,212 Cr and debt obligations exceeding ₹586 Cr. However, Ola said it has adequate liquidity to meet debt repayments, operational expenses and capital expenditure requirements.
Ola Consumer has also undertaken layoffs and leadership restructuring as part of broader efforts to reduce operating expenses and improve cash flows.
The company has struggled to maintain its dominance in India’s ride-hailing market in recent years despite being an early mover in the segment. Competition from Uber has intensified, while Rapido has rapidly expanded beyond bike taxis into cab aggregation and auto-rickshaw services.
The pressure has become more visible over the past two years as Rapido strengthened its market position, reportedly becoming the market leader with largest market share in India.
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