Ride-hailing company Ola announced on Tuesday its decision to cease operations in all of its existing global markets, including the UK, Australia, and New Zealand, citing increasing competition as the primary reason.
In a statement, Ola highlighted its strategic shift towards focusing on the Indian market, emphasizing the “immense opportunity for expansion” within the country.
“The future of mobility is electric — not only in personal transportation but also within the ride-hailing sector, and India presents significant potential for growth,” stated an Ola spokesperson.
“With a clear emphasis on the Indian market, we have reassessed our priorities and concluded to discontinue our overseas ride-hailing operations in the UK, Australia, and New Zealand,” the statement added.
Ola, known for its diverse transportation offerings, including two-wheelers, operates across numerous locations globally.
Meanwhile, the company’s mobility business in India reported a profit of Rs 250 crore in FY23, a significant improvement from the Rs 66 crore loss recorded in FY22. Its revenue also witnessed a notable increase, rising by 58 percent to Rs 2,135 crore in FY23 from Rs 1,350 crore in FY22.
“In FY23, we set ambitious goals for ourselves — not just to expand and scale, but to achieve profitability. While our revenue continued its robust growth at 58 percent, we achieved EBITDA positivity in our India mobility business,” the company stated.
