Reports from American tech outlet TechCrunch suggest that Indian ride-sharing app Ola is on the verge of shutting down its operations in the United Kingdom, Australia, and New Zealand. While ET Online has not independently verified this information, sources indicate that the SoftBank-backed app is reallocating resources to capitalize on growth opportunities within India.
Founded in Bengaluru in 2010, Ola has rapidly expanded across the Indian subcontinent, serving numerous cities with a diverse range of vehicle options. Despite its international ventures, including launches in Australia in 2018, New Zealand later that year, and the UK in 2019, the company has decided to withdraw from these markets.
An Ola spokesperson cited a strategic shift in focus, stating, “With this clear focus, 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.”
Meanwhile, in its home market of India, Ola is gearing up for a potential public listing by the end of fiscal year 2024, as reported by ET. The company aims to raise between $700 million and $800 million (₹5,836.3 crore to ₹6,670.1 crore) at a valuation ranging from $7-8 billion (₹58,363 crore to ₹66,701 crore). Key financial institutions including Kotak Mahindra Bank, Bank of America, Citibank, and Goldman Sachs are involved in facilitating the offering.
