Indian ride-hailing giant Ola is shutting down its operations in the UK, Australia and New Zealand, six years after expanding to international markets as it shifts focus to shoring up its domestic business ahead of an initial public offering.
An Ola spokesperson told TechCrunch that the SoftBank-backed ride-hailing startup sees “immense opportunity for expansion in India,” where it 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 the UK, Australia and New Zealand,” the spokesperson added.
Valued at $7.3 billion in 2021, Ola is among the most high-profile startups in India and is backed by some of the biggest names including Temasek, Tiger Global and Warburg Pincus. The startup plans to file for an initial public offering after the public listing of Ola Electric, the leading electric two-wheeler brand in India that spun out of Ola. Ola Electric is looking to raise $662 million from its IPO in India, according to paperwork it filed late last year.
Ola and its Uber, its chief rival in India, slowed their domestic expansion during the pandemic and have since largely focused on improving their unit economics.
This is a developing story. Check back for updates.