Vanguard slashes ola valuation to 1.88 B

Soneone explain rationale here !

- Indian stock markets are rallying but cautious about high valuations for loss-making startups, including Ola Electric. - Ola Electric has reduced its valuation expectations from $8 billion to $4.5 billion pre-money, needing cash for manufacturing expansion and battery cell factory setup. - In early 2023, Ola Electric raised $126 million in equity funding, less than half the intended $300 million, amid a late-stage financing freeze. - The company has significant debt, with Rs 2,155 crore in loans, and plans to use IPO funds to ease this burden. - Market dynamics have shifted for Indian unicorns, with investors now more cautious, impacting valuations and IPO strategies. Source: The Arc

- Oyo's valuation has dropped from $10 billion to $2.4 billion in a recent Series G funding round. - The Gurugram-based budget hotel chain raised $173.5 million, with significant contributions from Patient Capital, InCred Wealth, and J&A Partners. - Oyo's current valuation is now below its total capital raised, which is approximately $3.3 billion. - SoftBank, a major backer, had internally cut Oyo's valuation to $2.7 billion in 2022, a move Oyo previously disputed. - The new funding comes after Oyo withdrew its IPO application for the second time earlier this year. - India’s market regulator, SEBI, has never approved the startup’s application for an IPO. Source: [Techcrunch](https://techcrunch.com/2024/08/11/oyo-valuation-crashes-over-75-in-new-funding/)

- Invesco valued its 28,844 shares of Swiggy at $219.2 Mn as of April 2024, translating to a $12.3 Bn valuation for the foodtech company. - Pine Labs' valuation was pegged at $3.5 Bn at the end of April 2024, down from $3.8 Bn in January 2024. - The valuation cuts come as Swiggy prepares for its $1.25 Bn IPO, having filed its draft red herring prospectus with SEBI. - Despite the cuts, Swiggy's latest valuation is still 15% higher than its $10.7 Bn valuation during its $700 Mn decacorn round in 2022. - The valuation adjustments follow a period of funding challenges and losses for Indian unicorns, though investor sentiment has recently improved. Source: Inc42

I guess the had the same tech valuations problem that WeWork and any non-tech businesses have had in the last couple of years.