Ola Parent's Valuation Crashes 99% To $70 Million

There was a time when Ola was counted among India's most valuable startups. Today, the numbers tell a very different story.

Fresh filings linked to US-based investment giant Vanguard suggest that the value assigned to Ola's parent company, ANI Technologies, has fallen to just $70 million. At its peak, the company was valued at around $7.3 billion.

The markdown is significant not only because of its size, but also because it means ANI Technologies is now worth less than the value of its shareholding in listed EV maker Ola Electric Mobility.

From Market Leader To Playing Catch-Up

For years, Ola was the dominant name in India's app-based cab industry. But the landscape has changed quickly.

The company is now facing pressure due to intensified competition in the segment. Factors like slower growth and changing investor sentiments are also playing their part.

Financial Performance Remains Weak

The company's financial performance has mirrored these challenges.

For FY25, ANI Technologies reported revenue of ₹1,171 crore. The previous year had delivered significantly higher sales.

Losses also moved in the wrong direction. Net loss for the year widened to ₹662.4 crore, compared with ₹328.7 crore a year earlier.

The widening gap between revenue and profitability has remained a key concern for investors tracking the company.

IPO Plans Face A Tough Backdrop

The valuation cut comes even as the company has explored the possibility of eventually entering the public markets.

Management has previously indicated that the business has access to resources and investments that could support future plans. However, investor sentiment appears far more cautious.

The latest valuation assigned by Vanguard suggests that market participants are placing limited value on the standalone ride-hailing operation at present.

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Credit Concerns Had Already Emerged

The company had received another setback late last year when Moody's Ratings lowered its rating outlook.

At the time, Moody's pointed to weak operating metrics and concerns around future funding requirements.

The agency said ANI Technologies held almost $90 million in cash as of March 2025; nonetheless, it warned that this sum might be insufficient to cover the company's debt and expenditure plans for the next few years.

Sources:

NDTV Profit

The Economic Times

Moneycontrol