Ola to shut down global operations, focus on Indian market

New Delhi: Ride-hailing company Ola on Tuesday said it has decided to close all its existing global markets, including the UK, Australia and New Zealand, amid increasing competition. The company noted that it will focus on the Indian market as it sees “huge expansion opportunity” in the country. “The future of mobility is electric – not just in personal mobility, but also for the ride-hailing business, and there is immense potential for expansion in India,” an Ola spokesperson said in a statement.

Hyderabad: Gig workers demand action on illegal outstation cabs plying in the city “With this clear focus, we have re-evaluated our priorities and are considering closing down our overseas ride-hailing business in its current form in the UK, Australia and Have decided.” New Zealand,” it added. The company operates in 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 FY2013, compared to a loss of Rs 66 crore in FY2012. Its revenue grew 58 percent to Rs 2,135 crore in FY2013 from Rs 1,350 crore in FY2012. The company said, “In FY2013, we challenged ourselves – not only to grow and scale, but to do it profitably. While our revenues continued to grow at a strong clip of 58 per cent, we were able to grow India’s mobility business. “Became EBITDA positive in 2015.” Said.