Ola shuts down major international operations in 3 countries to focus on India
Earlier this year, US asset manager Vanguard cut Ola’s valuation by 30% to under $2 billion
The ride-hailing service ‘Ola’ has decided to shut down its international operations “in its current form” amid its focus on strengthening and expanding its electric fleet in the Indian market. This comes after its exit from New Zealand, UK and Australia.
According to Ola, the company’s ride hailing business is steadily growing, remaining profitable and is a leader of its segment in India. “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.
Economic times report on closing international operations by ola
According to a report by the Economic Times (ET), the cab aggregator had begun notifying the foreign users about the impending closure as the company plans to close its international operations like business in Australia on the 12th of April. Ola had rolled out its operations in New Zealand and Australia way back in 2018.
Earlier, 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% to under $2 billion. However, its parent company ANI Technologies was valued at $7.3 billion in the most recent fundraise in 2021.
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