New Delhi: Ola Cabs, led by Bhavish Aggarwal, is closing its international operations in countries such as the United Kingdom, Australia, and New Zealand. The decision comes amidst increasing competition, government mandates for fleet electrification, and the company's strategic shift towards prioritizing the Indian market.

Ola said, "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. We remain very excited and focused on our mission to serve 1 billion Indians."

The closure is expected to result in employee layoffs in the affected regions, according to reports. An industry source highlighted the mounting pressure for EVs in international markets, stating that Ola would need to double its investment to transition its existing fleet to electric vehicles. Additionally, intensifying competition in Australia and the UK contributed to the decision.

ANI Technologies, operating under the Ola brand, reported a narrowed consolidated net loss of Rs 772.25 crore in fiscal 2023, compared to Rs 1,522.33 crore in FY 2022, as per a regulatory filing.

Ola's exit from international markets coincides with its focus on expanding its electric vehicle fleet and consolidating its presence in India. The company emphasized its profitability and leadership in the Indian ride-hailing segment, positioning itself against its closest competitor, Uber.

In a statement, an Ola Mobility spokesperson reaffirmed the company's commitment to India, stating, "Our ride-hailing business is growing rapidly, and we remain profitable and segment leaders in India. We remain very excited and focused on our mission to serve 1 billion Indians."

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