Ola, the ride-hailing services provider, announced today its decision to cease operations in the UK, Australia, and New Zealand, with a renewed focus on its business in India, according to its promoter ANI Technologies. The Softbank-backed company cited significant opportunities for expansion within India as the primary reason for this strategic shift.
“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 initiated these operations in stages back in 2018. According to a regulatory filing, ANI Technologies has disclosed a reduction in consolidated net loss to ₹ 772.25 crore in fiscal year 2023. This compares to a consolidated loss of ₹ 1,522.33 crore in the previous financial year (FY) 2022. In fiscal year 2023, the consolidated revenue from operations surged by approximately 48%, reaching ₹ 2,481.35 crore compared to ₹ 1,679.54 crore in the corresponding period of the previous year.
On a standalone basis, ANI Technologies, which encompasses a ride-hailing business, disclosed a reduction in loss to ₹ 1,082.56 crore in fiscal year 2023, compared to a loss of ₹ 3,082.42 crore in fiscal year 2022.
“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 spokesperson said.
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