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.
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.
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.
ANI Technologies has reported a narrowing of consolidated net loss to £77.22 mn in the fiscal 2023, according to a regulatory filing. The company posted a consolidated loss of £152.23 mn in the financial year (FY) 2022.
The consolidated revenue from operations increased by about 48 per cent to £248.13 mn in FY23 from £167.95 mn in the year-ago period.
