Vanguard marks down Ola Consumer’s valuation to $70 Mn
- ByStartupStory | June 8, 2026
The valuation is derived from Vanguard’s carrying value of around $728,000 for its holding in Ola. The fund had invested approximately $51.7 million in the company in 2015 when Ola was valued at around $5 billion. Based on the latest valuation assigned to its stake, Ola’s valuation has fallen by nearly 99% from the level at which Vanguard first invested.
The latest markdown marks another steep decline in the value ascribed to the Bhavish Aggarwal-led company by one of its early institutional investors. Vanguard had previously cut Ola’s valuation multiple times, valuing the company at $1.88 billion in early 2024 and later at $1.25 billion in May 2025.
Ola was once among India’s most valuable startups and had reached a valuation of $7.3 billion during the peak funding cycle in 2021. Vanguard’s latest mark implies a valuation that is over 99% lower than that peak.
It is worth noting that valuations assigned by mutual funds and asset managers to their private holdings may not necessarily represent a company’s actual market value. Such valuations can be influenced by internal methodologies, liquidity discounts, market conditions, and other assumptions.
Ola declined to comment on the story.
The markdown comes at a time when Ola is preparing for its proposed IPO. In FY25, the company’s operating revenue declined 42% to Rs 1,171 crore from Rs 2,012 crore in the previous fiscal year, while its net loss widened to Rs 662 crore from Rs 329 crore. The firm continues to face intense competition from rivals Uber and Rapido in the ride-hailing market. It’s worth noting that Rapido recently valued itself at $3 billion following a $240 million fundraise.
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