US index fund leader Vanguard has cut the value of its stake in Indian ride-hailing startup Ola by about two-thirds since the original investment, and Neuberger Berman has cut the value of its shares in Pharmeasy by more than 90%, according to an analysis. of money deposits.
In its annual report, Vanguard revealed that the value of its shares in Ani Technologies, Ola’s holding company, was reduced by 63.7% at the close of August. The asset manager reduced its holding of Ola shares to $18.75 million, from the purchase price of $51.7 million years ago, filings showed.
The write-down of Ola shares by Vanguard indicates the ride-hailing startup’s valuation has fallen to approximately $2.65 billion, down from $7.3 billion at the end of 2021. (Vanguard valued Ola shares at approximately $33.8 million at the end of 2021.) February of this year and $25 million at the end of May).
Ola, which was founded more than a decade ago, has raised more than $3.9 billion over the years, according to Crunchbase, PitchBook and Tracxn. It was valued at $3.5 billion in an equity financing round in early 2017.
Ola declined to comment.
On the other hand, Neuberger Berman valued its stake in Pharmeasy stock, which it bought in October 2021 for $8.8 million, at $823,432 as of the end of August, it revealed in a filing.
The adjustment confirms a valuation of about $550 million for Pharmeasy, a startup that was valued at $5.6 billion in the second half of 2021 and has raised more than $1.5 billion for equity and debt to date, according to Tracxn.
“Individual detractors included API Holdings, the largest Indian online digital healthcare platform, which fell in value on news that the company might offer more shares at a lower price,” Neuberger Berman wrote in its annual report.
API Holdings, Pharmeasy’s parent company, recently raised $420 million through a rights issue that shook the startup’s valuation to less than $600 million amid debt repayment deadlines to Goldman Sachs.
“Every shareholder has stood up and supported us, believed in our vision and saw value in what the API team is building,” Dhaval Shah, co-founder of API Holdings, wrote in a LinkedIn post last week.
Pharmeasy did not respond to a request for comment.