'Immense opportunity for expansion in India': Ola to shutdown operations in UK, Australia, New Zealand
PTC News Desk: Ola has decided to close its operations in the United Kingdom, Australia, and New Zealand while continuing to focus on its India business, according to its promoter ANI Technologies.
The ride-hailing services provider company stated that it sees tremendous opportunities for growth in India.
"Our ride-hailing business is rapidly expanding, and we remain profitable and segment leaders in India. The future of mobility is electric, not just for personal mobility, but also for the ride-hailing industry, and India offers immense opportunity for expansion."
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"With this clear focus, we have reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form in the UK, Australia and New Zealand," a spokesperson from the company said.
The company began these operations in stages in 2018.
ANI Technologies reduced its consolidated net loss to Rs 772.25 crore in fiscal 2023, according to a regulatory filing. The company reported a consolidated loss of Rs 1,522.33 crore in FY 2022.
In FY23, consolidated revenue from operations increased by 48% to Rs 2,481.35 crore, up from Rs 1,679.54 crore the previous year.
"We remain very excited and focused on our mission to serve 1 billion Indians. As a technology-first business, leading with innovation, we are confident to spearhead the country's mobility ambitions and lead the next phase of growth in the industry at large," the spokesperson further added.
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