Vanguard has marked down the valuation of ANI Technologies, the parent company of ride-hailing service Ola, to $70 million as of February 28, 2024, a staggering 99% decrease from its peak valuation of $7.3 billion. This valuation drop is attributed to Ola's loss of market share, particularly to competitors like Rapido, and a significant 42% decline in revenues to ₹1,171 crore for the financial year ending March 2025. The company's net loss widened to ₹662.4 crore, raising concerns about its financial viability. Additionally, Moody's downgraded ANI Technologies' credit rating, citing liquidity issues and risks of breaching loan covenants. Despite these challenges, Ola's management asserts that it has sufficient resources to meet its obligations. Meanwhile, Ola Electric, which has also seen a decline in valuation, is attempting to raise fresh capital to manage its debts, which total ₹2,521 crore as of May 2024.