US asset manager Vanguard has cut Indian ride-hailing company Ola Cabs’ valuation by 30 per cent to under $2 billion in at least its third-straight mark down, a regulatory filing showed, as the start-up is locked in a battle for market share with Uber.

Vanguard now values ANI Technologies, Ola Cabs’ parent company, at about $1.88 billion, according to a filing with the US Securities and Exchange Commission, which did not mention a reason for the valuation cut. It last valued the company at about $2.65 billion in August 2023.

Ola Cabs did not immediately respond to a Reuters request for comment.

Ola Cabs was co-founded by Bhavish Aggarwal in 2010 and found immediate backing from marquee investors such as Softbank and Tiger Global, besides Vanguard. These investors injected millions into Ola as it competed with Uber, opens new tab to dominate one of the world’s most populous countries. ANI’s most recent fundraise, in 2021, valued it at $7.3 billion.

However, the decade-long, bruising price war with Uber has been exacerbated in recent years by new, more niche entrants such as BluSmart, alongside continually changing government regulations.

As a result, Ola Cabs is yet to report a profit. Its losses narrowed by 65% to 10.83 billion rupees (about $130.5 million) in fiscal 2023.

The fund manager, which purchased shares for $50 million in 2015, now values them at $13.3 million, marking a 29% decline from its last valuation of $25 million.