US-based firm Vanguard has cut Ola’s valuation by 80% from its peak $7.3 billion value in 2021 to $1.25 billion, reports stated. Ola's valuation stood at $1.88 billion in February 2024, which was the first time Vanguard valued it below the $2-billion mark. This development comes as Ola continues to fall behind Rapido and Uber in the ride-hailing space.