The U.S. index fund pioneer Vanguard has minimize the price of its holding within the Indian ride-hailing startup Ola by greater than half since unique funding, in keeping with an evaluation of its filings.

Vanguard minimize the price of its shares in Ani Applied sciences, Ola’s holding agency, by 51.6% as of the tip of Could, it disclosed Monday. The asset supervisor marked down the holding of its Ola shares to $25 million, from the $51.7 million buy value years in the past, the filings confirmed.

The minimize in price of Ola shares’ by Vanguard implies a discount within the ride-hailing startup’s valuation to roughly $3.5 billion, a lower from $7.3 billion on the shut of 2021. (Vanguard had valued its Ola’s shares at about $33.8 million on the finish of February this yr.) Ola, based over a decade in the past, has raised greater than $3.9 billion over time, in keeping with Crunchbase, Pitchbook and Tracxn.

In the meantime, Ola co-founder Bhavish Aggarwal has arrange an AI startup that seeks to develop a big language mannequin and is at the moment scouting two U.S.-headquartered AI startups for a possible acquisition, TechCrunch reported earlier Tuesday. Aggarwal, who additionally co-founded electrical car startup Ola Electrical, can also be pondering of venturing into the semiconductor design area.

The Bengaluru-based firm joins a rising record of high-profile Indian startups which have had their valuations decreased by buyers. Invesco lowered Swiggy’s valuation by nearly half to $5.5 billion in January of this yr, whereas Prosus has slashed the valuation of Indian edtech big Byju’s to about $5.1 billion. Constancy has trimmed the price of its holding of SaaS startup Gupshup by greater than half, TechCrunch first reported Monday.

Current valuation cuts shed new gentle on the affect of deteriorating world market circumstances on Indian startups. Final yr noticed a dip in funding actions inside India’s startup ecosystem, but the valuations of many bigger startups remained unaltered as they both raised capital by convertible notes (thus suspending value discovery) or selected to not increase funds altogether.

It is very important notice that buyers consider the fairness worth of their current startup portfolios utilizing varied strategies. Consequently, a big valuation adjustment by a single investor could not essentially replicate the views of different buyers.