Ola to Close Operations in UK, Australia, and New Zealand, Shifts Focus to India Market

The Softbank-backed company, Ola Mobility, has expressed a strong belief in the potential for expansion in India, particularly in the field of electric mobility. The company has decided to focus on this area, leading to the decision to shut down its overseas ride-hailing operations in the UK, Australia, and New Zealand. These international operations were launched in phases in 2018. ANI Technologies, the parent company of Ola Mobility, reported a decrease in its consolidated net loss to Rs 772.25 crore in fiscal year 2023, compared to a loss of Rs 1,522.33 crore in fiscal year 2022.

Concurrently, the consolidated revenue from operations increased by about 48%, reaching Rs 2,481.35 crore in fiscal year 2023. On a standalone basis, ANI Technologies, which encompasses the ride-hailing business, also experienced a decrease in loss to Rs 1,082.56 crore in fiscal year 2023, as opposed to a loss of Rs 3,082.42 crore in fiscal year 2022. According to an Ola Mobility spokesperson, the company’s mission remains focused on serving 1 billion Indians and leading the next phase of growth in the industry. The company aims to achieve this through technology-driven innovation and remains optimistic about its role in spearheading the country’s mobility ambitions.

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