Vanguard markdown cuts Ola valuation to about $70 million
Business
Ola, once a major player in India's ride-hailing scene, just saw its valuation drop to about $70 million after Vanguard marked down its stake, down nearly 99% from the $5 billion price tag back in 2015.
That's a huge fall for a company that was valued at more than $7 billion just five years ago.
Ola revenue down 42% Rapido $3bn
Ola's been hit with back-to-back valuation cuts as its revenue slid by 42% last year and losses more than doubled.
Meanwhile, competitors like Uber and Rapido are holding strong: Rapido even hit a fresh $3 billion valuation after raising new funds.