Vanguard marked down the valuation of Indian ride-hailing firm Ola to approximately $70.3 million. This represents a 99% collapse from the company's $7.3 billion peak valuation in 2021. The asset manager disclosed the new figure in a U.S. SEC filing dated February 28.
Ola faces intense competition from rivals Uber and Rapido as its market share continues to decline. Company revenue fell 42% to Rs 1,171 crore during the 2025 financial year. Net losses widened to Rs 662.4 crore over the same period. The markdown threatens Ola's reported plans for an initial public offering.