Ola Cabs Shuts Down International Ventures, Shifts Focus To Indian Market, Here's Why

Ola Cabs Shuts Down International Ventures: 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 its electric fleet in India.

Ola has exited 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.

Expansion of an electric future 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.

Here's Why, Ola Cabs Shuts Down International Ventures, Shifts Focus To Indian Market, Here's Why

"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.

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Ola's Australia operations are set to cease

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 rolled out its operations in Australia and New Zealand 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.

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 fundraising in 2021 and is yet to report a profit.

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What do you know about Ola company?

Ola Cabs was founded on December 3, 2010, by Bhavish Aggarwal and Ankit Bhati. Initially, Ola operated from Mumbai as a taxi aggregator service. Now it has shifted its head office to Bengaluru and works efficiently from there.

It is India's largest mobility platform and one of the world's largest ride-hailing companies, serving 250+ cities across India, Australia, New Zealand, and the UK.

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