US-based asset manager Vanguard has filed papers with the US Securities and Exchange Commission marking down the valuation of ANI Technologies, the parent company of ride-hailing platform Ola Consumer, to just $70.3 million. The filing reflects Vanguard's own estimate of fair value as of February 28, 2026.
Vanguard originally invested in ANI Technologies roughly 11 years ago, when the company was valued at approximately $5 billion. At its peak in late 2021, ANI Technologies hit a valuation of $7.3 billion. The markdown to $70 million represents a collapse of nearly 99 percent from that high.
The number has a particular irony built into it. Vanguard's 3.6 percent stake in the separately listed Ola Electric Mobility is worth approximately $73 million at current market prices. In other words, Vanguard now values the entire ride-hailing and consumer business of Ola at less than what it holds in the EV subsidiary alone.
What The Numbers Actually Show
The financial data behind the markdown is unambiguous. ANI Technologies filed its FY25 annual financials with the Registrar of Companies more than six months after the statutory deadline of October 30, 2025, a delay that itself drew regulatory scrutiny. When the numbers finally came out in May 2026, they were damaging.
On a consolidated basis, Ola Consumer's revenue from operations fell 41 percent to Rs 1,171 crore in FY25 from Rs 2,012 crore in FY24. Consolidated net loss was Rs 1,974.7 crore, compared to a profit of Rs 531.4 crore in FY24, a swing of over Rs 2,500 crore in a single year. On a standalone basis, the numbers were similarly severe: revenue dropped 44 percent to Rs 1,060 crore and net loss widened to Rs 698 crore from Rs 505 crore in FY24.
The core mobility segment, which is ride-hailing, accounted for 79 percent of total operating revenue but saw income fall more than 47 percent to Rs 925 crore from Rs 1,761 crore in FY24. Cash reserves fell by more than 50 percent during the year. Despite driver-related costs falling 34 percent to Rs 401 crore and employee expenses declining 39 percent to Rs 205 crore, the revenue collapse was so steep that losses still doubled.
What Went Wrong
ANI Technologies, which operates the Ola cabs app, Ola Consumer finance, and other consumer-facing businesses, has been under severe financial stress for several years. The ride-hailing business has steadily lost ground to Uber, Rapido, and more recently BluSmart and Vingroup's Green SM service. Its driver retention and vehicle quality issues, well-documented by users on app stores and forums alike, have been a persistent drag on growth and repeat usage.
A Vanguard markdown in an SEC filing is not a write-off, but it is a formal signal from a sophisticated institutional investor about where it believes the business stands. Vanguard is a passive investor, not an active one, which means it is not involved in operational decisions. Its valuation figure reflects an arms-length assessment rather than an insider perspective. Despite the financial deterioration, ANI Technologies is reportedly still pursuing IPO plans, though those ambitions look significantly harder to execute at current revenue and loss levels.
The Ola Electric Separation
It is worth being precise about what this markdown covers. ANI Technologies and Ola Electric Mobility are separate entities. Ola Electric is the listed EV manufacturer that builds the S1 range of electric scooters.
ANI Technologies is the unlisted parent that runs Ola cabs and related consumer businesses. The two share a common founder in Bhavish Aggarwal and share the Ola brand name, but they are not the same company.
Ola Electric has its own challenges, including a turbulent FY25 marked by service complaints, showroom protests from franchisee partners, and a significant drop in stock price from its IPO highs. But the Vanguard markdown applies specifically to ANI Technologies, not Ola Electric. Conflating the two is a common error, but the financial situations, while both difficult, are separate stories.
English (US) ·