Ola Electric’s S1 Air / Photo credit: Ola Electric
After six years since the start of its global expansion, ride-hailing giant Ola is ending services in the UK, Australia, and New Zealand, aiming to focus more on India’s expanding market, TechCrunch reported.
According to the the report, a spokesperson said the Bangalore-headquartered company sees vast opportunities for expansion within its home country and has shifted its priorities accordingly.
In an email sent out to customers in Australia, Ola announced that it is “discontinuing operations” from April 12.
Notably, Ola Electric – the firm’s electric vehicle arm – is gearing up for an IPO in India in 2024 after postponing it last year. The company also plans to launch an electric rickshaw before its public listing.
Documents submitted towards the end of 2023 suggest that Ola Electric is aiming to secure US$662 million through the IPO.
Ola recently shifted its focus to e-scooters and has ventured into AI with Krutrim AI, a new entity that has already launched a foundational model.
The company was valued at US$7.3 billion in 2021, but it was slashed by US-based investor Vanguard in February. After that, Ola’s valuation hovered at US$1.9 billion.
Apart from e-scooters and e-rickshaws, Ola Electric is also developing electric cars and motorcycles, which are expected to hit the markets by the end of this year.
See also: Ola rides on acquisitions for success, but will this work for its AI play?
Editing by Miguel Cordon and Eileen C. Ang
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