Ola, the renowned cab service provider via its app, has announced its decision to halt operations in Australia, Britain, and New Zealand.
The move is part of Ola’s strategic redirection to concentrate on its core business in India.
Emphasis on Indian Market:
ANI Technologies, the parent company of Ola, affirmed its commitment to bolstering its presence in India.
With substantial backing from Japan’s Softbank, Ola perceives abundant growth opportunities within the Indian market.
Statement from Ola Mobility:
A spokesperson from Ola Mobility highlighted the company’s leading position in India’s ride services sector, emphasizing the burgeoning prospects in electric mobility.
The decision to discontinue operations in the aforementioned countries was made after thorough evaluation and prioritization.
Financial Performance:
Despite the decision to exit international markets, ANI Technologies showcased impressive financial figures.
The consolidated net loss for the financial year 2023 reduced significantly to approximately Rs 772.25 crore from Rs 1,522.33 crore in the previous fiscal year.
Meanwhile, consolidated revenue surged by nearly 48 percent to Rs 2,481.35 crore.
Milestones in Electric Mobility:
Ola Electric, Ola’s electric two-wheeler unit, achieved remarkable milestones with its highest monthly sales of over 53,000 units in March.
Sales soared by 115 percent in the last financial year, reaching 3,28,785 units. The company has established itself as a leader in the electric two-wheeler segment, witnessing a 30 percent growth in the last fiscal year.
Future Plans and IPO:
Ola Electric is gearing up for an Initial Public Offering (IPO), aiming to raise $662 million. The IPO will involve the issuance of new shares and the sale of shares held by existing investor SoftBank.
Additionally, Ola Electric has inaugurated a lithium-ion cell manufacturing facility in Krishnagiri, Tamil Nadu, with a capacity of 100 GWh, expected to generate employment opportunities for approximately 25,000 individuals.
