Ride-hailing company Ola on Tuesday said it has decided to shut down all of its existing global markets, namely the UK, Australia and New Zealand amid rising competition.

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The company mentioned that it will be focusing on the Indian market as it sees an "immense opportunity for expansion" 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 opportunity for expansion in India," an Ola spokesperson said in a statement.

"With this clear focus, we've 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," it added.

The company operates in hundreds of locations and provides several modes of transportation, including two-wheelers.

Meanwhile, Ola's mobility business in the country has reported a profit of Rs 250 crore in FY23 against a loss of Rs 66 crore in FY22.

Its revenue rose 58 per cent to Rs 2,135 crore in FY23 from Rs 1,350 crore in FY22.

"In FY23, we challenged ourselves -- to not just grow and scale, but to do this profitably. While our revenue continued to grow at a strong clip of 58 per cent, we became EBITDA positive in the India mobility business," the company said.