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Vanguard, the world’s largest issuer of mutual funds, has slashed the valuation of its stake in Bhavish Aggarwal-led Ola by more than 50%, according to a July 31 regulatory filing, less than six months after it first devalued its stake earlier this year.

The US investor, which, according to Tracxn, holds 0.8% in Ola parent ANI Technologies, pegged the company’s valuation at $25 million. It had purchased the stake for $51.7 million.

At Vanguard’s implied valuation, Ola’s value is now estimated to be $3.5 billion, down from $7.3 billion at the end of 2021, according to TechCrunch.

The investment firm had pegged the value of its stake in Ola at $33.9 million in February after cutting the valuation of its holding by 35%.

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Ola Electric faces revenue shortfall, records $136M loss in FY23: Reports

A spate of big startups, including BYJU’S, Meesho, PharmEasy, and Swiggy, have seen their valuations downgraded by investors, largely on the back of sluggish global macroeconomic indicators.

In the first half of 2023, funding across the startup ecosystem witnessed a sharp decline of over 70%.

Ola has raised around $4 billion in equity funding so far from investors including Tiger Global and Softbank.

In 2021, Aggarwal came close to securing a $1 billion initial public offering (IPO) for the ridesharing company. The firm had even engaged investment banks to underwrite the offering but later decided to withdraw the plans.

Ola’s sister company, Ola Electric, is now looking for a $10 billion IPO, having already initiated talks with several investment banks, including Goldman Sachs, Kotak, Citi, and Axis Bank.