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Ride-hailing firm Ola Cabs is exiting all of its international markets, which include the United Kingdom, Australia, and New Zealand, as it focuses on the Indian market and growing its electric vehicle (EV) fleet.
An Ola Mobility spokesperson shared in a statement that the ride-hailing business is growing rapidly in India, where they are profitable and are segment leaders.
“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.
With this clear focus, the company is pulling out of its international markets. “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 operating in these international markets since 2018. This development comes at a time when Ola Electric is looking for an initial public offering (IPO). Ola was valued at $7.3 billion in 2021.
The company further added in the statement that it remains focused on growing its business in India, where its closest competitor is 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.
