India, June 3 -- US-based asset manager Vanguard has slashed the valuation of ride-hailing startup Ola Consumer to about $70 Mn, according to its latest filing with the US Securities and Exchange Commission (SEC).

The valuation is based on the carrying value of Vanguard's stake in the company. Vanguard currently values its holding in Ola at about $728,000. The fund had invested roughly $51.7 Mn in the company in 2015 when Ola was valued at around $5 Bn.

Based on the latest mark, Ola's valuation has fallen about 99% from Ola's peak valuation of $7 Bn in 2021.

The latest markdown also marks a sharp decline from the valuation Vanguard had assigned to the company in recent years. It had valued Ola at $1.88 Bn in early 2024 before reducing ...