New Delhi, June 4 (IANS) Ola Consumer (formerly known as Ola Cabs) has suffered a sharp valuation cut after funds managed by US investment giant Vanguard Group reduced the fair value of its parent company — ANI Technologies — to just $70 million, as per multiple reports.
Reports said that the markdown — based on the firm’s latest filing with the US Securities and Exchange Commission (SEC) — indicated a decline of nearly 99 per cent from the company’s peak valuation of $7.3 billion.
The latest valuation cut comes at a time when competition in India’s ride-hailing market has intensified, with Rapido emerging as a major challenger and expanding its presence alongside Uber.
In addition, financial performance at ANI Technologies remained under pressure during FY25.
The company reported a 42 per cent decline in revenue to Rs 1,171 crore for the financial year ended March 2025, while net losses widened to Rs 662.4 crore from Rs 328.7 crore in the previous year.
Moreover, the sharp markdown raises questions around the company’s longer-term growth prospects, especially as Ola Consumer has continued to explore public listing ambitions and maintained that it has sufficient financial resources, including investments in listed entities.
The company has faced multiple setbacks over recent months.
In November, Moody’s downgraded ANI Technologies’ credit rating and assigned a negative outlook, citing weak operating performance and financial pressures.
According to Moody’s, the group held nearly $90 million in cash as of March 2025, but warned that available liquidity may not be sufficient to meet debt servicing obligations and capital expenditure requirements through December 2026.
The latest valuation also implies that Ola Consumer’s stake in Ola Electric may now be worth more than the ride-hailing business itself.
Shares of Ola Electric Mobility on Thursday traded lower at Rs 43.69, down 0.11 per cent apiece on the BSE.
