Bhavish Aggarwal-led ride-hailing firm Ola Cabs has shut down its international operations in countries including the UK, Australia and New Zealand amid rising competition, the governments' fleet electrification targets, and the firm's overall shift towards focussing on the India market.
"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 firm responded in a statement to Moneycontrol's queries.
The firm is likely to lay off employees in the regions. ETPrime reported the developments first.
"Internationally the pressure to go all-electric is heating up. Ola Cabs will have to double its investment in these regions to convert all its existing fleet to EVs. There is rising competition too in Australia and UK," an industry source told Moneycontrol.
ANI Technologies, which operates under the Ola brand, on Thursday said its consolidated net loss narrowed to Rs 772.25 crore in the fiscal 2023, according to a regulatory filing. The company posted a consolidated loss of Rs 1,522.33 crore in the financial year (FY) 2022.
(This is a developing story, the same will be updated with more details soon)
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