Ola will say goodbye to international market, will focus on Indian market
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New Delhi (Uttam Hindu News): Ride-hailing company Ola has decided to discontinue Ola Cabs rides in the UK, Australia and New Zealand amid increasing competition. The company said on Tuesday that it will focus on the Indian market. The company sees ‘immense opportunities for expansion’ in the country. “The future of mobility is electric not only in personal mobility but also for the ride-hailing business and there is immense potential for expansion in India,” an Ola spokesperson said. He further added, “With this clear focus we have re-evaluated our priorities. “We have decided to close our existing overseas ride-hailing business in the UK, Australia and New Zealand.”
The company operates across hundreds of locations and offers multiple modes of transportation, including two-wheelers. Meanwhile, Ola’s mobility business in the country has reported a profit of Rs 250 crore in FY 2022-23 compared to a loss of Rs 66 crore in FY 2021-22.
Its revenue increased by 58 percent to Rs 2,135 crore in FY 2022-23 from Rs 1,350 crore in FY 2021-22. The company said, “In FY 2022-23, we challenged ourselves to not only grow and scale, but also to do it profitably. “While our revenues continued to grow at a strong clip of 58 per cent, we became EBITDA positive in the India mobility business.”
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