A fund operated by US investment major Vanguard has marked down the fair value of ride-hailing platform Ola’s parent ANI Technologies to $1.88 billion as of November 30. This is 29% lower than its previous fair value of $2.65 billion as of August 31, as per regulatory filings with the US Securities and Exchange Commission (SEC).
The latest fair value of $1.88 billion ascribed by Vanguard is 74% lower than the last valuation at which the company raised money.
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The previous valuation revision by Vanguard of its shareholding in ANI Technologies had slashed the company’s fair value by 24% from $3.5 billion, which was the value as of May 31 last year.
The Bhavish Aggarwal-led company had last raised $139 million back in December 2021 in a funding round led by Edelweiss PE that valued Ola at $7.3 billion.
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.
Meanwhile, ET reported on January 4 food and grocery delivery platform Swiggy’s valuation was increased by Invesco by 9% to $8.5 billion. Crossover funds, which invest both in publicly traded and privately held companies, periodically review the valuation of their portfolio companies. Ola did not respond to emailed queries.
On January 10, ET reported that ANI Technologies narrowed its standalone loss by 65% to Rs 1,082 crore in fiscal 2023. The firm had incurred a standalone net loss of Rs 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% to Rs 1,987 crore from Rs 1,220 crore.
On January 25, 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.
Bakshi said the company had turned profitable based on earnings before interest, taxes, depreciation and amortisation (Ebitda) for FY23.
The company’s associate firm Ola Electric, which makes and sells electric scooters, is set for an initial public offering (IPO), and has filed its draft red herring prospectus. ANI Technologies holds 4.35% stake in Ola Electric, which is aiming for an IPO valuation of $7-8 billion.
In its draft prospectus filed on December 22, Ola Electric had noted it is “highly dependent on the services and reputation of Bhavish Aggarwal,” the firm’s founder, chairman and managing director. “He is also the chairman and managing director of ANI Technologies Pvt Ltd and has recently founded a new startup, Krutrim SI Designs Pvt Ltd. His involvement with ANI Technologies and Krutrim SI Designs may detract from the time that he is able to dedicate to our company,” the EV maker had pointed out.