In a strategic shift, ride-hailing giant Ola Cabs is bidding farewell to its international ventures in the UK, Australia, and New Zealand, focusing instead on electrification and expansion within India.
Ride-hailing leader Ola Cabs has declared its decision to withdraw from international markets, including the UK, Australia, and New Zealand, by the end of this month. The company has initiated notifications to app users, marking the cessation of operations in Australia effective April 12, with similar plans for its other international markets.
Australian media previously reported on Ola’s departure from their country, citing emails to drivers instructing them to dismantle Ola-related labels and cease bookings under its permits starting April 12. Customers were also notified via email about the discontinuation of services from the same date.
A spokesperson for Ola stated, “The future of mobility is electric, presenting significant expansion opportunities in India. With a renewed focus, we’ve made the decision to discontinue our overseas ride-hailing business in its current form.” This move aligns with Ola’s commitment to electrify its fleet and enhance its offerings for sustainable growth. The company has already procured 8,000 electric scooters from Ola Electric, a sister concern bound for public markets, to facilitate bike-taxi services.
Hemant Bakshi, CEO of Ola Cabs, emphasized the company’s plans for complete electrification of its three-wheeler and four-wheeler vehicles, although specific timelines and details were not disclosed.
In parallel, both Ola and Uber have introduced subscription-based plans for auto-rickshaw drivers on their platforms, deviating from conventional booking fees or commissions, mirroring strategies employed by competitors like Namma Yatri and Rapido.
Ola Cabs’ parent company, ANI Technologies, reported profitability in the financial year 2023, with earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching Rs 250 crore, as per Bakshi.
In light of these developments, Ola Cabs looks poised for a new phase of growth, centered on sustainability and innovation, with a strong focus on the burgeoning Indian market.
Tags: #OlaCabs #RideHailing #Electrification #Expansion #India #Mobility #TechInnovation
