Ola, the ride-hailing services provider, has announced the cessation of its operations in the UK, Australia, and New Zealand, opting instead to focus on its business in India. The decision comes as the company sees significant potential for growth within the Indian market.
A spokesperson for Ola Mobility emphasized the company’s robust growth and profitability in India’s ride-hailing sector, noting that the future of mobility lies in electric vehicles. With a clear focus on expanding its presence in India, Ola has decided to wind down its overseas operations in the UK, Australia, and New Zealand.
The company had launched these international operations in phases starting in 2018. ANI Technologies, Ola’s parent company, reported a reduced consolidated net loss of Rs 772.25 crore in the fiscal year 2023, down from Rs 1,522.33 crore in FY2022. Conversely, consolidated revenue from operations increased by approximately 48%, reaching Rs 2,481.35 crore in FY23 compared to Rs 1,679.54 crore in the previous fiscal year.
On a standalone basis, ANI Technologies, which encompasses the ride-hailing business, reported a reduced loss of Rs 1,082.56 crore in FY23, compared to Rs 3,082.42 crore in FY22.