BUSINESS NEWS
OLA CABS EXITS INTERNATIONAL MARKETS: SHUT DOWN AT END OF APRIL 2024
Indian ride-hailing company Ola has suspended its overseas operations six years after expand- ing to international markets. The company, founded in 2010 and operating in the international markets since 2018, said it will now be focusing on expanding oper- ations within India. An Ola spokesperson said: 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’ve re- assessed our priorities and have decided to shut down our overseas
business in its current form in the UK, Australia and New Zealand.” Ola is one of the most high-profile startups in India valued at over $7bn in 2021 and backed by investors including Temasek and Tiger Global. The ride-hailing service first began its international operations in Australia in January 2018, and then in New Zealand in September 2018, followed by the UK in March 2019. Ola drivers in Australia reportedly received an email about the company’s abrupt closure, and a message forbidding them from
taking passengers after 12 April. It said: “From 12 April 2024, you are not entitled to continue taking passenger bookings on Ola’s licence or permit . “You must destroy all Ola materials, stickers and labels, and copies of Ola permits you have in your possession or control and remove all Ola stickers or labels from your vehicle.” the company reportedly said in its message to drivers. The move to shut overseas operations is likely tied to the company shifting attention in India towards launching an initial public offering (IPO) for its EV arm. Ola said it aims to pour more investment into research
and
product development, and general corporate purposes.
PHTM MAY 2024
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