Ola said on Tuesday it was exiting its ride-hailing businesses in the UK, Australia, and New Zealand as the startup focuses on its home market India, where it is locked in a battle for market share with Uber.
Ola Cabs, founded in 2010 by Bhavish Aggarwal, was operating in the international markets since 2018. Earlier this year, US asset manager Vanguard cut Ola‘s valuation by 30% to under $2 billion. Parent ANI Technologies was valued at $7.3 billion in its most recent fundraise in 2021, and is yet to report a profit.
Last year, electric-scooter maker Ola Electric, which was spun off from the ride-hailing business, filed to go public.
Reuters