In yet another sign of the valuation markdown plaguing the Indian startup sector, US-based investment management business Vanguard Group has reduced the value of ANI Technologies, the parent company of ride-hailing mobility startup Ola, by over 35 per cent to USD 4.8 billion from USD 7.4 billion.
As per reports, 166,185 shares of ANI Technologies, or around 0.7 per cent of the ride-hailing service, are held by Vanguard.
The value of Vanguard’s shareholding was estimated at USD 33,865,000 as of 28 February as opposed to USD 51,825,000 as of August of previous year. This suggests that the investor from the US estimates Ola’s fair value to be around USD 4.8 billion.
This is the same investor’s third reduction in Ola’s valuation. In the first half of 2020 and again in 2021, Vanguard Group reduced the value of its stake in the ride-hailing company by 45 per cent and 9.5 per cent, respectively.
The development was first reported by VCCircle.
