Ola, the ride-hailing giant, has seen its valuation slashed by 72%, falling to around $2 billion from its peak of $7.3 billion in late 2021, according to Vanguard’s recent regulatory filings. The US-based asset manager now values its shares in ANI Technologies, Ola’s parent company, at $14.3 million, a steep drop from its initial $51 million investment. This markdown is an internal adjustment by Vanguard, reflecting Ola’s recent challenges, including high-level departures and a strategic pivot towards diversified consumer services under the new "Ola Consumer" brand.

Ola has reorganized its operations into three main segments—ride-hailing and mobility, financial services, and logistics/e-commerce—to foster streamlined management and agility. In line with this shift, Bhavish Aggarwal, Ola’s founder, has focused attention on Ola Electric and Krutrim, leading to the departure of key executives, including former CEO Hemant Bakshi, a former Unilever executive.

In a bid to expand, Ola Consumer has also explored the quick commerce sector, proposing a warehousing solution that claims to be 90% cheaper than other dark store models. However, the company’s entry has been delayed amidst strong competition from established players such as Blinkit, Swiggy Instamart, Zepto, and Flipkart Minutes. This valuation markdown may signal investor concerns over the firm’s transition efforts, the competitive quick commerce landscape, and the ability to sustain growth in diverse consumer service markets.