US-based asset management company (AMC) Vanguard has marked down the value of ANI Technologies, the parent company of ride-hailing platform Ola, to $1.88 billion which is 74 per cent lower from its peak valuation of $7.3 billion, as per regulatory filings with the US Securities and Exchange Commission (SEC).

The US-based asset management has slashed Ola’s valuation for the third time in a row. In May last year, Vanguard valued the company at $4.8 billion and in August at $3.5 billion. It had lowered Ola’s valuation in 2020 and 2021 too.

The Bhavish Aggarwal-led company had last raised $139 million in December 2021 in a funding round led by Edelweiss PE that valued Ola at $7.3 billion.

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In addition to Ola, several other Indian consumer internet companies have seen their valuations being revised by US investors in recent weeks. Funds managed by financial services giant Fidelity reduced the valuation of Meesho and Pine Labs last month.

Loss narrows

Recently, ANI Technologies narrowed its standalone loss by 65 per cent to ₹1,082 crore in fiscal 2023. The firm had incurred a standalone net loss of ₹3,082 crore in FY22, according to the company’s partial financial results shared on its website. The ride-hailing platform’s sales jumped 63 per cent to ₹1,987 crore from ₹1,220 crore.

Ola Cabs’ new chief executive officer Hemant Bakshi had said that fleet-wide electrification and premiumisation will drive growth for the ride-hailing company going ahead.

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Meanwhile, Bhavish Agarwal-led Ola Electric has filed a draft red herring prospectus (DRHP) to raise up to ₹5,500 crore through a fresh issue, apart from an offer-for-sale (OFS) component of 95.2 million shares.

He has also launched an artificial intelligence (AI) firm called Krutrim. In December, the firm announced its large language model (LLM) that would have generative support for 10 Indian languages and would be able to take inputs in a total of 22 languages.