Ola Cabs to leave markets of New Zealand, Australia, and the UK. They will pay attention to electric vehicles and Indias growth. Stopping business in Australia. Hemant Bakshi, Ola Electric Scooters, and ANI Technologies are involved.Closure ConfirmedBy the end of this month, the well-known ride-hailing company Ola Cabs plans to withdraw from all of its current overseas markets, including the UK, Australia, and New Zealand. With operations scheduled to stop in Australia on April 12, the firm has begun notifying consumers of the impending closure.Future is electric The spokesperson of the firm stated that electric mobility is the way of the future for ride-hailing services as well as for personal transportation, and India offers enormous growth potential for both businesses. We have reevaluated our goals in light of this clear focus, and we have decided to close down our international ride-hailing operation as it stands.Expansion in IndiaEarlier this year, Hemant Bakshi, chief executive of Ola, said that the company would concentrate on premiumizing its products and electrifying its fleet to fuel future expansion in India. To offer bike taxis, the company currently has roughly 8,000 electric scooters from its sister company, Ola Electric, which is planning an IPO. Bakshi stated that all of the companys four- and three-wheeler vehicles would likewise be fully electric, although he did not provide a timeframe or specifics of the plan. Olas parent company, ANI Technologies, reported that it turned profitable in FY23 based on earnings before interest, taxes, depreciation, and amortization (EBITDA).
