The consolidated revenue of Ola increased to Rs 3,000 crore in FY23 from Rs 2,120 crore in FY22, while its EBITDA loss narrowed to Rs 29 crore from Rs 291 crore in the same period.
The US based global investment management firm Vanguard, has reduced its valuation of Ola to approximately $1.88 billion. This marks a 29 percent decrease from its previous valuation of $2.65 billion in August 2023. This adjustment is part of a series of valuation reductions by Vanguard over the past year. In May 2023, Vanguard valued Ola at $4.8 billion, which was subsequently lowered to $3.5 billion in August 2023. It also marks a significant decline from Ola’s peak valuation of $7.3 billion in late 2021.
Despite these valuation cuts, Ola’s parent firm, ANI Technologies reported a 42 percent increase in consolidated revenue, reaching Rs 2,799 crore in FY23, up from Rs 1,970 crore in FY22. The company also reduced its net loss to Rs 772 crore in FY23, a significant improvement from the Rs 1,522 crore loss in FY22. Despite such valuation adjustments by individual investors may not necessarily reflect the views of other investors or the company’s overall market value. These changes often result from internal assessments and broader market conditions.
According to regulatory filings, Vanguard now values its stake at approximately $14.3 million, a significant decrease from the $51 million initially invested. This adjustment reflects a broader trend of valuation markdowns among Indian startups, as investors reassess their portfolios amid changing market conditions.
Ola, founded in 2010, competes in India’s ride-hailing market against companies like Uber, Swiggy-backed Rapido, and Google-backed Moving Tech. Despite these valuation markdowns, Ola has reported financial improvements. Ola, founded in 2010, competes in India’s ride-hailing market against companies like Uber, Swiggy-backed Rapido, and Google-backed Moving Tech. Despite these valuation markdowns, Ola has reported financial improvements. The company’s consolidated revenue increased to Rs 3,000 crore in FY23 from Rs 2,120 crore in FY22, while its EBITDA loss narrowed to Rs 29 crore from Rs 291 crore in the same period.
Ola Electric, which was founded after the closure of Ola Cabs in 2022, went public in August 2024. The company set its IPO price band at Rs 72-76 per share, aiming to raise approximately Rs 6,146 crore. Upon listing, shares surged by 20 percent, closing at Rs 91.2, which valued the company at around $4.8 billion. In January 2024, Bhavish Aggarwal’s AI startup, Krutrim, secured $50 million in funding, achieving a valuation of $1 billion and becoming India’s first AI unicorn.
