Ola takes exit from UK, Australia, and New Zealand market
By MYBRANDBOOK
Ola is leaving New Zealand, Australia, and the United Kingdom after serving for six years. The ride-hailing app has started informing its users through notifications about the impending closure as operations will pause in Australia from April 12.
This decision is due to its recent focus on announcing the first public offering (IPO) of Ola Electric, its subsidiary for electric vehicles.
The company states that it will use the principal proceeds for general corporate objectives, prepayment or repayment of the debt, investment in research and product development, and increasing the capacity of its cell production facilities.
2011, Ola was founded by Bhavish Aggarwal and Ankit Bhati in India and it initially launched operations in Australia and New Zealand during the year 2018.
In late 2020, Ola reduced its operations across Australia with major staff redundancies and shutting down local driver offices. The company has also been silent on its Australian social media accounts, with no new posts since mid-2021.
It is reported that a spokesperson said that the ride-hailing startup sees “immense opportunity for expansion in India,” where it operates in hundreds of cities and offers a range of transportation options, including two-wheelers.
“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. With this clear focus, we’ve reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form,” a spokesperson said.
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