Dilapidated Ola auto-rickshaw in a dusty, undeveloped urban area.
Ola, the Indian ride-hailing giant, is facing significant investor scrutiny as early-backer Vanguard has reportedly marked down its valuation to approximately $70 million. This represents a staggering 99% decrease from its peak valuation of $7 billion in 2021, underscoring the company’s deepening financial challenges.
The markdown, while not setting a market price, reflects growing investor concerns over Ola’s widening losses and eroding market share. Vanguard’s latest valuation of its holding in Ola is reported to be around $728,000, a sharp decline from previous valuations of $1.88 billion in early 2024 and $1.25 billion in May 2025.
Ola Consumer reported a doubling of losses to ₹662 crore in the fiscal year ending March 2025, with operating revenue falling to ₹1,171 crore. Accumulated losses have reached ₹21,000 crore, with debt obligations exceeding ₹586 crore, placing the company under considerable pressure to manage its cash burn and runway.
Adding to its woes, Ola is facing intensified competition. While Uber remains a key rival, Rapido has emerged as a more disruptive force, reportedly overtaking Ola in market share. This competitive pressure comes at a critical time as Ola is understood to be preparing for an Initial Public Offering (IPO).
The valuation cut also coincides with earlier concerns flagged by Moody’s in November last year regarding weak operating performance, high cash burn, and the risk of covenant breaches. These factors have put Ola in a challenging position as it seeks to convince public investors.
In separate news, sportswear startup Agilitas has secured $24 million in a funding round from Rainmatter and Nexus Venture Partners, indicating continued investor interest in specific growth sectors despite broader market challenges.
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