Ola, the ride-hailing giant, announced on Tuesday its strategic decision to exit its global markets, including the UK, Australia, and New Zealand, citing intensifying competition in those regions.
Highlighting its commitment to the Indian market, Ola emphasized the significant potential for expansion within the country's evolving mobility landscape.
The company's spokesperson underlined the shift towards electric mobility as a pivotal factor shaping the future of ride-hailing services, affirming India's vast opportunities for growth in this sector.
"In recognizing these prospects, we've re-evaluated our objectives and opted to discontinue our overseas ride-hailing operations in their current framework across the UK, Australia, and New Zealand," the spokesperson stated.
Ola, known for its diverse transportation offerings including two-wheelers, operates across numerous locations globally.
Meanwhile, the company's domestic mobility segment exhibited promising financial performance, marking a notable turnaround with a profit of Rs 250 crore in FY23 compared to a loss of Rs 66 crore in FY22. Revenue also surged by 58 percent, reaching Rs 2,135 crore in FY23 from Rs 1,350 crore in FY22.
"In FY23, our focus extended beyond mere expansion, prioritizing profitability. Despite robust revenue growth of 58 percent, we achieved EBITDA positivity within our Indian mobility operations," Ola stated, reflecting on its fiscal achievements.
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