New Delhi, April 9 (IANS) Ride-hailing giant Ola announced its decision to shut down operations in global markets like the UK, Australia, and New Zealand, in order to focus on the Indian market which it sees as a hub for potential growth in the electric mobility sector.
Ola spokesperson stated, “The future of mobility is electric… and there is immense opportunity for expansion in India.” The company has reassessed its priorities and made the decision to close its overseas ride-hailing business in the mentioned countries.
Operating in hundreds of locations and offering various modes of transportation, Ola’s focus on the Indian market is highlighted by its reported profit of Rs 250 crore in FY23 in the mobility business, a significant increase from the loss of Rs 66 crore in FY22. Moreover, its revenue saw a 58 per cent rise to Rs 2,135 crore from Rs 1,350 crore in FY22.
“In FY23, we challenged ourselves to not just grow and scale, but to do this profitably. While our revenue continued to grow at a strong clip of 58 per cent, we became EBITDA positive in the India mobility business,” the company mentioned.
