Ola to close UK, Australia and New Zealand operations to focus on India

Ride-hailing service Ola decides to shut down operations in UK, Australia and New Zealand

New Delhi:

ANI Technologies, the promoter of ride-hailing service provider Ola, today said it has decided to close its operations in the UK, Australia and New Zealand and will continue to focus on India.

The SoftBank-backed company said it sees huge opportunities for expansion in India.

“Our ride-hailing business is growing rapidly, we remain profitable and are segment leaders in India. The future of mobility is electric – not just for personal mobility, but for ride-hailing as well, There are huge opportunities for expansion in India”.

“With this clear focus, we have re-evaluated our priorities and decided to close our current overseas ride-hailing operations in the UK, Australia and New Zealand,” an Ola Mobility spokesperson said.

The company launched these operations in phases in 2018.

ANI Technologies reported consolidated net loss narrowed to Rs 772.25 crore for fiscal 2023, according to regulatory filings. The company’s consolidated loss for financial year (FY) 2022 was Rs 1,522.33 crore.

Consolidated operating income increased by approximately 48% to Rs 2,481.35 million in fiscal 2023 from Rs 1,679.54 million in the same period last year.

ANI Technologies, which operates independently, reported a narrower loss to Rs 1,082.56 crore in FY23, compared with a loss of Rs 3,082.42 crore in FY22.

“We remain extremely excited and focused on our mission to serve one billion Indians. As a technology-first, innovation-led business, we are confident of spearheading the country’s mobility ambitions and spearheading the next phase of the industry’s growth,” the spokesman said.

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