New Delhi, Feb 5 (IANS): US-based investment firm Vanguard has reportedly slashed down ride-hailing major Ola's valuation to less than $2 billion.

Vanguard marked down Ola’s parent company ANI Technologies valuation to $1.88 billion (as of November 30, 2023), as per its regulatory filings with the US Securities and Exchange Commission (SEC).

This valuation is 29 per cent lower than its previous fair value of $2.65 billion (August last year), reports Entrackr.

This is the third consecutive mark-down of Ola’s valuation by Vanguard since February 2023.

In February last year, Vanguard marked down the fair value of its stake in Ola by 35 per cent to $4.8.

The asset management company later slashed its holding by another 52 per cent to $3.5 billion.

Bhavish Aggarwal-run Ola was valued at $7.3 billion in 2021.

Ola posted Rs 2,800 crore revenue in the fiscal year 2022-23, while managing to cut its losses by almost 50 per cent.

ANI Technologies, Ola's parent company, registered 42 per cent growth in revenue to Rs 2,799 crore in FY23, compared to Rs 1,970 crore in FY22, as per the audited financial results available on Ola's website.

The company cut down its losses by about 50 per cent to Rs 772 crore in FY23 against Rs 1,522 crore in FY22.

Ride-hailing company Ola's mobility business in India reported a profit of Rs 250 crore in FY23 against a loss of Rs 66 crore in FY22.