Ola Consumer, previously known as Ola Cabs, experienced a substantial decrease in valuation as Vanguard Group-managed funds slashed the fair value of its parent company, ANI Technologies, to just $70 million. This markdown, based on the latest filing with the US Securities and Exchange Commission, signifies a drastic 99% drop from the company’s peak valuation of $7.3 billion.
The ride-hailing market in India has seen heightened competition, with Rapido emerging as a key competitor alongside Uber. ANI Technologies, the parent company, faced financial challenges during the fiscal year 2025, reporting a 42% revenue decline to Rs 1,171 crore and widening net losses to Rs 662.4 crore from Rs 328.7 crore in the previous year.
The sharp devaluation raises concerns about Ola Consumer’s future growth prospects, particularly as the company explores potential public listings and asserts its financial stability with investments in listed entities. Recent setbacks, including a credit rating downgrade by Moody’s due to weak performance and financial strains, have added to the company’s challenges.
Shares of Ola Electric Mobility traded lower at Rs 43.69 on Thursday, reflecting a 0.11% decline on the BSE. The latest valuation suggests that Ola Consumer’s stake in Ola Electric could now be more valuable than its core ride-hailing business.
