According to a news report, Vanguard Group, US based investment firm, has reduced the valuation of Ola, India’s taxi aggregator service, by 40 percent.
The investment firm valued Ola at a minimal cost of $3 billion. Earlier, Vanguard Group valued ANI Technologies Pvt Ltd at $5 million, thus making a decline of about 40 percent. Though in 2016, Ola was in talks with investors to raise funds, yet there are no updates on it.
Vanguard group had earlier marked down Flipkart’s shares by 33 % in September 2016.
In the past
- In January 2017, Fidelity Rutland Square Trust II, the mutual fund company by Fidelity Investments, had lowered the value of its investment in Flipkart by 36.1%. It is the third time when Fidelity Investments had reduced its valuation of Flipkart. In September 2016, Morgan Stanley had valued Flipkart at $ 5.57 billion.
- In January 2017, Snapdeal was in talks with their existing investor Soft Bank Group Corp to raise fresh funds at a lower valuation than the previous $ 6.5 billion. There was a buzz that the valuation would be around $ 3-4 billion.
- In May 2016, HSBC Securities & Capital Markets Pvt Ltd, HSBC’s brokerage arm, cut down the valuation of Zomato Media Pvt Ltd and valued it at $ 500 million. It was about half the valuation at which Zomato raised in the previous funding round.