Earlier in May last year, Vanguard said the company was valued at $4.8 billion and then again lowered its valuation to $3.5 billion in August 2023. The US-based Vanguard lowered Ola’s valuation in 2020 and 2021 as well.

Moneycontrol reported that Vanguard holds 166,185 shares of ANI Technologies- about 0.7 per- cent stake in the ride-hailing startup. These slashes in valuation come despite ANI Technologies narrowing its net loss in the fiscal year gone by when it reported a net loss of ₹772 crore in FY23 against a loss of ₹1,522 crore in FY22. Its consolidated revenue increased nearly 42 per cent year-on-year to ₹2,799 crore.

This is not a new thing though as investors have been readjusting startup valuations over the past few months. Recently, Invesco marked up Swiggy’s valuation to $8.3 billion, the second back-to-back increase and Fidelity cut Meesho’s valuation from $5 billion earlier to $4.1 billion. Pine Labs was valued at $3 billion as of October 31, 2023, down from its valuation of $4.7 billion on August 31, 2023.

These adjustments are based on AMC’s internal assessment of the macro and microenvironment and do not indicate a permanent markup or markdown in the startup’s overall valuation.