- By Aditya Pratap Singh
- Tue, 09 Apr 2024 05:24 PM (IST)
- Source:JND
Ola to Stop International Operations: Indian ride-hailing company Ola Cabs has announced it to close down its operations in all existing international markets by the end of this month. The company has started sending notifications to users regarding the closure of its operational facility in Australia from April 12. Ola Cabs announced the rollout of this facility in Australia and New Zealand in the year 2018.
A spokesperson for the company said that the future of mobility is electric and Ola has a huge opportunity to expand in India for the ride-hailing business, and with this clear focus, we have evaluated our priorities and have decided to close down our overseas ride-hailing business in its current form.
ET reported that Ola Cabs is focusing on the electrification of its fleet of bikes and taxis. Ola Cabs CEO Hemant Bakshi said in January that the company would focus on the electrification of its bikes and taxis. We already have around 8,000 electric scooters from Ola Electric. Now the company is also going to fully electrify three-wheelers and four-wheelers. However, the company has not yet set any official deadline for this.
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Ola is a prominent local ride-hailing company in the Indian market that competes with international giant Uber. The domestic company is heavily financed and has Bessemer Venture Partners, Temasek, and Accel as its key investors. Additionally, the IPO-bound electric vehicle arm recently raised Rs 410 crore (around $50 million) from EvolutionX via non-convertible debentures, reported entracker.
In the fiscal year ending March 2023, Uber India saw its revenue grow by 54.46% to Rs 10,000. 2,600 crore, while the company's losses increased by 57% during the same period. Its total expenditure in FY23 was Rs 3,146 crore, while in FY22 it was Rs 2,146 crore.