Ola to exit UK, Australia and New Zealand

Ride-hailing firm Ola is looking to exit the UK, Australia, and New Zealand and instead focus on growing its electric mobility business in India, The Economic Times (ET) reported on Wednesday.

The company, which began operations in Australia and New Zealand in 2018, informed its Australian customers about its plans to exit the country by 12 April in an email.

The decision to exit these countries was made considering the ‘immense opportunity’ for growth in the Indian market, where the company offers a range of services in several hundreds of cities, the ET report said, citing unidentified spokespeople of the company.

“With this clear focus on India, we have re-evaluated our priorities and decided to wind down the overseas ride-hailing business in its current form in the UK, Australia and New Zealand,” the report quoted the spokesperson as saying.

Ola did not respond to an email from Press Insider seeking details.

The company’s electric vehicle arm, Ola Electric, which filed draft papers for an initial public offer with market regulator Sebi in December last year, is planning to raise about $660 million from the share sale.

The company, which was founded in Bengaluru in 2010, has raised about $3.84 billion till date.

The cab-hailing firm generated $309 million revenue in the year to March 2023.

The app-based platform, which last raised about $20 million in February 2022, has so far acquired 11 companies and invested in seven companies

Krutrim, the AI startup founded by Ola founder Bhavish Aggarwal, has become India’s first AI unicorn after securing $50 million in funding from investors led by Matrix Partners India.