Ola to Shutdown Operations in Britain, Australia, New Zealand, Will Focus on India Business

Ola, which provides cab services through the app, has decided to stop its services in Australia, Britain and New Zealand. Ola promoter ANI Technologies said that it will continue to focus on India business. This company, invested by Japan’s Softbank, is seeing a lot of opportunities for expansion in the country.

Ola Mobility spokesperson said, “Our ride services business is growing rapidly. We are at the first position in this segment in the country. The coming era of mobility is electric. There are a lot of opportunities for expansion in the country. We have kept our priorities in mind. “We have reassessed and decided to close our ride services business in Australia, New Zealand and the UK.” company Started business in these countries about six years ago. The consolidated net loss of ANI Technologies declined to approximately Rs 772.25 crore in financial year 2023. In the previous financial year it was Rs 1,522.33 crore.

The company’s consolidated revenue increased by almost 48 percent to Rs 2,481.35 crore in the financial year 2023. In the previous financial year it was Rs 1,679.54 crore. Ola’s electric two-wheeler unit Ola Electric has sold more than 53,000 units in March. This is the highest monthly sales of the company. In the last financial year, Ola Electric’s sales increased by 115 percent to 3,28,785 units. In the previous financial year, it had sold 1,52,741 units.

The company said that the electric two-wheeler segment has grown by 30 percent in the last financial year. Ola Electric has the first position in this market. In the first quarter of this year, the company has registered a growth of 42 percent. The company has sold 1,19,310 units in the last quarter. Sales of electric two-wheelers have increased rapidly in the last few years. The company plans to raise $662 million through Initial Public Offering (IPO). In this, along with issuing new shares, shares of existing investor SoftBank will also be sold. Ola Electric has set up a factory in Krishnagiri, Tamil Nadu for the manufacturing of Lithium Ion cells. About 25,000 people will get employment at the full capacity of this factory. The capacity of this factory will be 100 GWh.

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