Indian app-based taxi providing company Ola will close its operations in Britain, Australia and New Zealand. The company has said that it has taken this decision to focus on India business. Ride-hailing service provider Ola said it will continue to focus on its India business, its promoter ANI Technologies said on Tuesday. The SoftBank-backed company said it sees immense potential for expansion in India.
Profitable and segment leader in India
An Ola Mobility spokesperson said that our ride-hailing business is growing rapidly, and we remain profitable and the segment leader in India. He says the future of mobility is electric. The company started operations in these countries in several phases in 2018. “With this clear focus, we have re-evaluated our priorities and have decided to wind down our overseas ride-hailing business in the UK, Australia and New Zealand in its current form,” the spokesperson said.
Company’s loss reduced
According to the news, ANI Technologies has reported a narrowing of consolidated net loss to Rs 772. The company reported a consolidated loss of Rs 1,522.33 crore in financial year (FY) 2022, according to a regulatory filing. Consolidated revenue from operations grew nearly 48 per cent to Rs 2,481.35 crore in FY2013 from Rs 1,679.54 crore in the year-ago period.
On a standalone basis, ANI Technologies has reported loss of Rs 1,082.56 crore in FY23 compared to loss of Rs 3,082.42 crore in FY2022. The spokesperson said that we are very excited and focused on our mission to serve 1 billion Indians. Ola’s biggest competitor in India is Uber.
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