US-based asset manager Vanguard has marked down the valuation of Bhavish Aggarwal-led Ola Consumer (ANI Technologies) to approximately $70.3 million, according to its latest filing with the US Securities and Exchange Commission (SEC). The revised valuation is based on the carrying value assigned to Vanguard’s stake in the company and represents a dramatic decline from Ola’s previous private market valuations.

The latest assessment implies that Ola Consumer’s valuation has fallen by nearly 99% from its peak valuation of $7.3 billion achieved during its 2021 fundraising round. Vanguard has steadily reduced its valuation estimates over the past few years, valuing the company at around $4.8 billion in 2023, $1.88 billion in early 2024, and $1.25 billion in 2025 before the latest markdown.

The valuation cut comes at a time when Ola Consumer is preparing for a potential public listing. However, the company has been facing increasing competition in India's ride-hailing market from rivals such as Uber and Rapido, which have gained market share in recent years. Industry observers have linked the valuation pressure to slowing business performance and heightened competitive intensity.

Financially, Ola Consumer has faced headwinds. The company reported a 42% decline in revenue to ₹1,171 crore in FY25, while its net loss widened to ₹662 crore from ₹329 crore a year earlier. The deteriorating financial performance has added to investor concerns despite the company's efforts to restructure and expand its consumer services ecosystem.

Market participants note that valuation estimates by investment funds are based on internal models and may not necessarily reflect the company’s actual market value. Nevertheless, Vanguard’s latest markdown underscores the challenges facing one of India’s most prominent startup brands as it navigates a competitive market and evaluates its IPO plans.