Ola quits UK, Australia and New Zealand; here’s what the company said on shutting operations

Ola, the Indian ride-hailing major, has announced that it will be shutting down its operations in the UK, Australia, and New Zealand by the end of April. The move comes as the company shifts its focus to strengthening its domestic business and preparing for an initial public offering (IPO).
The company has started sending out notifications to users about the impending closure of its services.In Australia, operations are set to cease from April 12, with the company asking its drivers to remove all related labels and stop taking bookings under its permits from that date.
Ola had expanded to international markets in 2018, launching services in Australia and New Zealand, followed by the UK.
The decision to exit international markets comes as Ola Cabs focuses on the electrification of its fleet and premiumisation of its offerings for future growth in India. The company has already purchased around 8,000 electric scooters from its sister firm, Ola Electric, to provide bike-taxi services, as reported by Economic Times.
According to an Ola spokesperson, the company sees "immense opportunity for expansion in India," where it operates in hundreds of cities and offers a range of transportation options, including two-wheelers. "With this clear focus, we've reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form," the spokesperson added.
Ola Electric, which spun out of Ola, is currently preparing for its own IPO and is looking to raise $662 million from its public listing in India, according to paperwork filed late last year. Ola Cabs plans to file for its IPO after the public listing of Ola Electric.
In January, Ola Cabs' chief executive, Hemant Bakshi, stated to the ET that the firm would focus on electrification and premiumisation for future growth. The company's decision to exit international markets is in line with this strategy, as it allows Ola Cabs to concentrate its resources on the Indian market, where it sees significant potential for expansion.