• Wednesday, May 29, 2024

Business

Ola to exit UK, New Zealand, Australia; to focus on India

The Softbank-backed company says it has decided to shut down its overseas ride-hailing business in the UK, Australia and New Zealand

In this photograph taken on September 12, 2019, an Ola cab driver picks up a passenger in Amritsar. (NARINDER NANU/AFP via Getty Images)

By: Shajil Kumar

Ride-hailing services provider Ola has decided to shut down operations in the UK, Australia and New Zealand and will focus primarily on India, its promoter ANI Technologies said on Tuesday.

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.”

We have reassessed our priorities and 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.

Founded in 2010 by Bhavish Aggarwal, Ola began operating in the international markets in 2018.

ANI Technologies has reported a narrowing of consolidated net loss to Rs 7.72 billion in the fiscal 2023, according to a regulatory filing. The company posted a consolidated loss of Rs 15.22 billion in the financial year (FY) 2022.

The consolidated revenue from operations increased by about 48 per cent to Rs 24.81 billion in FY23 from Rs 16.79 billion in the year-ago period.

On a standalone basis, ANI Technologies, which comprises a ride-hailing business, has reported a narrowing of losses to Rs 10.82 billion in FY23 compared with a loss of Rs 30.82 billion in FY22.

“We remain very excited and focused on our mission to serve one 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 spokesperson said. (PTI)

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