Six years after launching its international operations, Ola, the ride-hailing giant, is withdrawing from the UK, Australia, and New Zealand to concentrate on the burgeoning Indian market, according to TechCrunch.
A spokesperson from the Bangalore-based company expressed that there are significant opportunities for growth in India, prompting a strategic realignment of priorities.
Ola has informed its Australian customers via email that it will “discontinue operations” starting April 12.
Ola Electric, the company’s electric vehicle division, is preparing for an initial public offering (IPO) in India in 2024, following a delay last year. Ahead of this IPO, Ola plans to introduce an electric rickshaw.
Late in 2023, Ola Electric filed documents indicating plans to raise US$662 million through the upcoming IPO.
The company has recently pivoted to focus on e-scooters and has expanded into artificial intelligence with the creation of Krutrim AI, which has already introduced a foundational model.
In 2021, Ola was valued at US$7.3 billion; however, this valuation was reduced to US$1.9 billion by US-based investor Vanguard in February.
Beyond e-scooters and e-rickshaws, Ola Electric is developing electric cars and motorcycles, with plans to launch these products by the end of the year.
