“Ola Shifts Focus to India, Ceases Operations in UK, Australia, New Zealand”
Ride-hailing giant Ola, backed by Softbank, has announced its decision to shut down operations in the UK, Australia, and New Zealand. The move comes as Ola’s parent company, ANI Technologies, sees significant potential for expansion in its home market, India.
Ride-hailing giant Ola, backed by Softbank, has announced its decision to shut down operations in the UK, Australia, and New Zealand. The move comes as Ola’s parent company, ANI Technologies, sees significant potential for expansion in its home market, India.
According to a statement from Ola Mobility, the company’s ride-hailing business is experiencing rapid growth and remains profitable, making it a leader in India’s transportation sector. With a strong belief in the future of electric mobility, Ola sees immense opportunities for growth within India’s borders.
As a result of this strategic focus, Ola has decided to close its overseas ride-hailing operations in their current form. These operations were initially launched in phases starting in 2018 but will now be phased out to concentrate resources and efforts on the Indian market.
ANI Technologies, Ola’s parent company, has reported a reduction in consolidated net loss for fiscal year 2023, indicating positive financial trends. The company’s revenue from operations also witnessed a significant increase, reflecting its growth trajectory.
Ola’s spokesperson emphasized the company’s commitment to serving the Indian market, aiming to reach 1 billion Indians with innovative, technology-driven solutions. They expressed confidence in leading India’s mobility sector and contributing to the industry’s growth in the coming years.
Sources By Agencies
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