Vanguard has revised its valuation of Indian ride-hailing startup Ola to about $2 billion as of the end of August, according to a regulatory filing.

A U.S. asset manager’s fund disclosed in a filing that it values its holding in ANI Technologies, the parent firm of Ola, at about $14.3 million, compared to some $51 million it spent to acquire those shares.

The disclosure implies a valuation of about $2 billion for the Bengaluru-headquartered startup, which was valued at $7.3 billion in late 2021. Ola competes with Uber, Swiggy-backed Rapido and Google-backed Moving Tech in India’s ride-hailing market.

The valuation adjustment follows previous cuts by Vanguard, including one in August 2023 that valued the company at about $2.6 billion.

Bhavish Aggarwal co-founded Ola in 2010. Ola Electric, which spun out of Ola Cabs several years ago, went public earlier this year and commands a market cap of $4.2 billion. His third venture, AI startup Krutrim, raised its first funding round earlier this year at a valuation of $1 billion.