NEW DELHI — Ola Consumer, formerly known as Ola Cabs, has suffered a sharp valuation cut after funds managed by U.S. investment firm Vanguard Group reduced the fair value of parent company ANI Technologies to $70 million, according to multiple reports.
The markdown, based on Vanguard’s latest filing with the U.S. Securities and Exchange Commission, represents a decline of nearly 99% from Ola Consumer’s peak valuation of $7.3 billion.
The latest valuation cut comes as competition in India’s ride-hailing market has intensified, with Rapido emerging as a major challenger alongside Uber.
ANI Technologies’ financial performance also remained under pressure in fiscal 2025. The company reported a 42% decline in revenue to 11.71 billion rupees for the financial year ended March 2025, while net losses widened to 6.62 billion rupees from 3.29 billion rupees a year earlier.
The sharp markdown raises questions about the company’s longer-term growth prospects, particularly as Ola Consumer has continued to explore a public listing and has maintained that it has sufficient financial resources, including investments in listed entities.
The company has faced several setbacks in recent months. In November, Moody’s downgraded ANI Technologies’ credit rating and assigned a negative outlook, citing weak operating performance and financial pressure.
According to Moody’s, the group held nearly $90 million in cash as of March 2025, but the ratings agency warned that available liquidity may not be sufficient to meet debt servicing obligations and capital expenditure needs through December 2026.
The latest valuation also suggests Ola Consumer’s stake in Ola Electric may now be worth more than the ride-hailing business itself.
Shares of Ola Electric Mobility traded lower Thursday on the BSE, slipping 0.11% to 43.69 rupees apiece. (Source: IANS)
