Ola will be shutting down its overseas business in three countries to focus on Indian business and also expand operations in this country, where it sees more opportunities.
New Delhi: The population has been rising in the country and so has the standard of living in a lot of cities. The metropolitan cities of India have been constantly facing the problem of traffic and this has only risen in the past years. This is one reason why a lot of people avoid travelling in private vehicles and instead, choose to use public transport. One of the biggest and most convenient businesses include the ride-hailing businesses like Ola Cabs who have made travel easy for a lot of people, at all hours of the day. In a major step, Ola has announced that it will be closing down its overseas operations in a total of three countries and the reason for the same is to focus more on Indian business where it sees better opportunities of growth and expansion. Know details…
Ola Shuts Operations In These 3 Countries
As mentioned earlier, Ride-hailing services provider Ola has decided to shut down operations in the UK, Australia and New Zealand and will continue to focus on India business, its promoter ANI Technologies said today. “With this clear focus, we have 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,” an Ola Mobility spokesperson said. The company had launched these operations in phases in 2018.
Ola Focusing On Expanding Business In India
The Softbank-backed company said that it sees immense opportunity for expansion in India. “Our ride-hailing business is growing rapidly, and we remain profitable and segment leaders 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.”
The spokesperson further 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.”
Ola Cabs: Financial Details
ANI Technologies has reported a narrowing of consolidated net loss to ₹ 772.25 crore in the fiscal 2023, according to a regulatory filing. The company posted a consolidated loss of ₹ 1,522.33 crore in the financial year (FY) 2022. The consolidated revenue from operations increased by about 48 per cent to ₹ 2,481.35 crore in FY23 from ₹ 1,679.54 crore in the year-ago period. On a standalone basis, ANI Technologies, which comprises a ride-hailing business, has reported a narrowing of loss to ₹ 1,082.56 crore in FY23 compared to a loss of ₹ 3,082.42 crore in FY22.
(Inputs from ANI)