Ola to Shutdown Operations in UK, Australia, New Zealand; Eyes Indian Expansion

New Delhi: Ride-hailing giant Ola announced the closure of its operations in the United Kingdom, Australia, and New Zealand. The company, backed by Softbank, will now concentrate its efforts on capitalizing on the immense growth potential within the Indian market.

Ola cites India’s rapidly expanding ride-hailing sector and its position as the segment leader as key factors in this decision. The company sees electric vehicles (EVs) as the future of mobility, not just for personal use but also for ride-hailing services. With India heavily invested in promoting EV adoption, Ola recognizes a significant opportunity for domestic expansion.

“We’ve reassessed our priorities and chosen to streamline our overseas ride-hailing operations,” said an Ola Mobility spokesperson. “This strategic shift allows us to focus on the immense potential of the Indian market, where we are already profitable and the industry leader.”

Established in India in 2011, Ola ventured into the international market in 2018. While the company has shown progress in narrowing its net losses, it appears a refocus on the booming Indian market is the most strategic course of action.

Ola remains committed to its mission of serving one billion Indians. “As a technology-driven company at the forefront of innovation, we are confident in leading India’s mobility transformation and propelling the industry’s next growth phase,” the spokesperson added.