Vanguard cuts Ola’s valuation to $1.9 billion, 74% lower than peak india business news
Mumbai: US asset manager Vanguard has cut again Hailstone‘S Evaluation up to about $1.9 Arab By November 2023, at the latest regulatory filing Made with the US Securities and Exchange Commission shown. This means that the company’s valuation has declined by 74%. braid Of $7.3 billion, on which it had raised $139 million funding from investors in December 2021.
The Bengaluru-based ride hailing firm, which competes with players like Uber and Rapido in India, has faced a series of valuation markdowns. vanguard since last year. Vanguard had reduced Ola’s valuation to around $3.5 billion by May 2023 and further reduced it to $2.7 billion by August. Ola could not be contacted for comment.
Amid the broader global tech slowdown, investors have been readjusting the valuations of their stakes in many late-stage startups over the past year. Recently, the valuation of SoftBank e-commerce startup Meesho was reduced to $3.5 billion by Fidelity.
The Bengaluru-based ride hailing firm, which competes with players like Uber and Rapido in India, has faced a series of valuation markdowns. vanguard since last year. Vanguard had reduced Ola’s valuation to around $3.5 billion by May 2023 and further reduced it to $2.7 billion by August. Ola could not be contacted for comment.
Amid the broader global tech slowdown, investors have been readjusting the valuations of their stakes in many late-stage startups over the past year. Recently, the valuation of SoftBank e-commerce startup Meesho was reduced to $3.5 billion by Fidelity.
