Ola pulls plug on operations in UK, Australia and New Zealand: Report

Ola shuts down ops: Bhavish Aggarwal-led Ola Cabs is shutting down its operations in UK, Australia, and New Zealand, according to a report by TechCrunch. This move by ride-hailing major comes six years after expanding to international markets as it shifts focus to shoring up its domestic business ahe of an initial public offering, report said.

SoftBank-backed ride-hailing startup sees “immense opportunity for expansion in India,” report said, quoting an Ola spokesperson. Domestically, Ola has expanded to hundreds of cities and offers a range of transportation options, including two-wheelers.

“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 UK, Australia and New Zealand,” spokesperson mentioned in report ded.

Ola, valued at $7.3 billion in 2021, stands as one of India's most prominent startups, with backing from major players like Temasek, Tiger Global, and Warburg Pincus. company is gearing up to file for an initial public offering (IPO) following successful public listing of Ola Electric, India's leing electric two-wheeler brand, which emerged as a separate entity from Ola.

Ola Electric aims to secure $662 million through its IPO in India, as indicated by documents filed late last year.

During pandemic, both Ola and its primary competitor, Uber, scaled back ir domestic expansion efforts and shifted focus towards enhancing ir operational efficiency. While discussions about merging ir businesses have occurred between two companies in recent times, no agreement has been reached. Both entities maintain publicly that y have no intentions of collaborating, with Uber having sold its Indian food delivery arm to Zomato in early 2020.