Ola Cabs, the ride-hailing company, is pulling back from its global ventures in countries like the United Kingdom, Australia, and New Zealand, opting instead to focus on the Indian market and scale up its electric vehicle (EV) fleet.
An Ola Mobility representative stated that the ride-hailing sector is experiencing significant growth in India, where the company is profitable and holds a leading position.
The spokesperson emphasized the shift towards electric mobility, highlighting the substantial potential for expansion in India.
With a clear strategic focus, the company has decided to discontinue its ride-hailing services in the UK, Australia, and New Zealand.
Ola Cabs entered these international markets in 2018. This decision coincides with Ola Electric’s pursuit of an initial public offering (IPO), with Ola being valued at $7.3 billion in 2021.
The company reaffirmed its commitment to bolstering its presence in India, where it competes closely with Uber.
Asserting its rapid growth and profitability in the Indian market, Ola expressed confidence in its ability to serve the country’s billion-strong population and lead innovation in the mobility sector.
