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US investment firm Vanguard cuts Ola’s valuation to $1.88 billion

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US investment firm Vanguard cuts Ola’s valuation to $1.88 billion

New Delhi, Feb 5 (IANS) US investment firm Vanguard has cut the valuation of major Ola to less than $2 billion.

Vanguard downgraded the valuation of Ola’s parent company ANI Technologies to $1.88 billion (as on November 30, 2023), according to its regulatory filings with the US Securities and Exchange Commission (SEC).

That valuation is 29 percent lower than its previous fair value of $2.65 billion (as of August last year), Entrackr reports.

This is the third consecutive downgrade of Ola by Vanguard since February 2023.

In February last year, Vanguard cut the fair value of its stake in Ola by 35 percent to $4.8.

The asset management company later reduced its stake by a further 52% to $3.5 billion.

Bhavish Aggarwal-led Ola was valued at $7.3 billion by 2021.

Ola posted revenue of Rs 2.8 billion in the 2022-23 fiscal year, while managing to cut its losses by nearly 50 percent.

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ANI Technologies, the parent company of Ola, reported a 42% growth in revenue to Rs 2,799 crore in FY23, compared to Rs 1,970 crore in FY22, according to results audited financials available on Ola website.

The company narrowed its losses by around 50 percent to Rs 772 crore in FY23 against Rs 1,522 crore in FY22.

Transport company Ola’s mobility business in India reported a profit of Rs 250 crore in FY23 against a loss of Rs 66 crore in FY22.

— IANS

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