According to an Ola Mobility spokesperson, the ride-hailing business is experiencing rapid growth in India, where it is profitable and holds a leading position in its market segment.
“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,” said the statement.
The company has decided to wind up operations in international markets to concentrate on the Indian market.
“With this clear focus, we’ve 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,” said the spokesperson.
Ola Cabs has been active in these international markets since 2018. This decision coincides with Ola Electric's pursuit of an initial public offering (IPO). In 2021, Ola was valued at $7.3 billion.
In their statement, the company emphasized its commitment to expanding its operations in India, where it faces its main competitor, Uber.
“Our ride-hailing business is growing rapidly, and we remain profitable and segment leaders in India. 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 in spearheading the country’s mobility ambitions and leading the next phase of growth in the industry at large,” said the spokesperson.