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Business News/ Companies / News/  Ola shuts down international ops 'in its current form' to focus on India expansion: 'Future is...'
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Ola shuts down international ops 'in its current form' to focus on India expansion: 'Future is...'

Ola Cabs will pursue the opportunity for expansion of an electric future in India, and to prioritise this, the cab aggregator has decided to exit international markets.

The cab aggregator will pursue the opportunity for expansion of an electric future in India (Mint)Premium
The cab aggregator will pursue the opportunity for expansion of an electric future in India (Mint)

Ride-hailing aggregator Ola cabs has decided to shut down its international operations "in its current form" amid the cab aggregator's push for expansion of electric fleet in India.

Ola has exited from its operations in New Zealand, Australia and the United Kingdom (UK).

Ola Mobility Spokesperson told LiveMint that the company's ride hailing business is growing rapidly, and it remains profitable and a leader in the segment in India. 

The cab aggregator will pursue the opportunity for expansion of an electric future in India, and to prioritise this, Ola has decided to exit international markets.

"The future of mobility is electric - not just in personal mobility, but also for the ride-hailing business and there is immense opportunity for expansion in India. With this clear focus, we’ve reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form in the UK, Australia and New Zealand," the spokesperson said.

"We remain very excited and focused on our mission to serve 1 billion Indians. As a technology-first business, leading with innovation, we are confident to spearhead the country’s mobility ambitions and lead the next phase of growth in the industry at large," the Ola Mobility Spokesperson added.

According to an Economic Times (ET) report, the cab aggregator has begun notifying its international users about the impending closure. Ola's Australia operations are set to cease from April 12.

Ola had rolled out its operations in Australia and New Zealand in 2018.

Earlier, an Australian media had reported of Ola's service closure in the country citing the cab major's email sent to its drivers asking them to remove all Ola-related labels and to stop taking bookings under its permits from April 12.

Similarly, News.com.au cited an email sent to Ola customers about its operations shutting from the same date.

Earlier this year, US asset manager Vanguard cut Ola's valuation by 30 per cent to under $2 billion. Its parent, ANI Technologies, was valued at $7.3 billion in its most recent fundraise in 2021, and is yet to report a profit.

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Published: 09 Apr 2024, 05:28 PM IST
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