Problems continue to pile up at Ola. Early backer Vanguard has marked down the ride-hailing giant’s valuation to about $70 Mn on its books, a near-total collapse from the $7 Bn in 2021. With losses widening and market share eroding, can Ola make a comeback?
The Valuation Reset: The latest markdown underscores how far Ola has fallen. Vanguard, which first backed the company in 2015, now values its holding in Ola at about $728K. This is the latest in a series of valuation cuts by Vanguard, which valued the startup at $1.88 Bn in early 2024 and $1.25 Bn in May 2025.
The move does not set Ola’s market price, but it is a strong signal of how investors view the company’s future.
Ola’s Financial Strain: The operational picture is not helping. Ola Consumer’s losses more than doubled YoY to ₹662 Cr in FY25, while operating revenue tanked to ₹1,171 Cr. Its accumulated losses stood ₹21,000 Cr at the end of March 2025, along with debt obligations of over ₹586 Cr. The startup says it still has liquidity to meet the obligations, but the cash burn suggests that it is under pressure to preserve its runway.
Tightening Rivalry: The mark down comes as the company is struggling to maintain its dominance in the ride-hailing market. Once seen as India’s main ride-hailing player, Ola has been pushed back by a faster-moving market. Uber remains a major rival, but Rapido has emerged as the more disruptive force, overtaking the Bhavish Aggarwal-led startup in market share.
The IPO Question: The timing makes the valuation cut especially awkward. Ola has already begun IPO preparations. But, as Moody’s flagged in November last year, weak operating performance, higher-than-expected cash burn and the risk of covenant breach have put the startup on the backfoot.
With the ride-hailing giant slated to go all out to convince public investors, here is all about Vanguard marking down Ola…
Inside factories and warehouses, moving materials remains an inefficient task. Manual handling, fragmented workflows and labour shortages continue to slow operations and increase risks. GOAT Robotics is trying to solve this problem with its integrated approach.
Beyond Robots: Founded in 2023, GOAT Robotics positions itself as a turnkey intra-logistics automation provider. Instead of selling individual robots, it offers end-to-end systems that map workflows, automate movement, and integrate with existing enterprise infrastructure.
Three-Layered Stack: The startup’s solution is built across three core components. While its autonomous mobile robots handle material transport, hardware integration modules adapt these robots to different industrial use cases. Tying it together is GT Studio, a centralised software platform that manages fleet operations and integrates with ERP systems.
Scaling Automation: GOAT Robotics currently claims to serve over 15 clients across sectors like FMCG, automotive, and pharmaceuticals. In FY26, the startup reported ₹10.8 Cr in revenue and deployed 25 robots. With expansion underway across India and global markets, it is targeting ₹100 Cr in top line by 2029. So, can GOAT Robotics make automation scalable for Indian factories?
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Source: Inc42 - Startups
