Ola to close operations in UK, Australia, and New Zealand; Focus on India business
According to a recent regulatory filing, ANI Technologies reported a significant reduction in its consolidated net loss to Rs 772.25 crore in the fiscal year 2023, compared to Rs 1,522.33 crore in the previous fiscal year 2022.
FollowOla, a ride-hailing services provider, on Tuesday (April 9) announced its decision to cease operations in the United Kingdom, Australia, and New Zealand, opting to redirect its focus solely on its Indian business, according to ANI Technologies.
In a statement issued today, an Ola Mobility spokesperson highlighted the company's growth in the ride-hailing sector in India, stressing its profitability and leadership position in the domestic market. The spokesperson highlighted the pivotal role of electric mobility in shaping the future of transportation, affirming the vast opportunities for expansion within India.
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"With a clear strategic vision, we have re-evaluated our priorities and determined to discontinue our overseas ride-hailing operations in their current format in the UK, Australia, and New Zealand," the spokesperson explained.
Ola had launched its operations in these countries in phases beginning in 2018.
According to a recent regulatory filing, ANI Technologies reported a significant reduction in its consolidated net loss to Rs 772.25 crore in the fiscal year 2023, compared to Rs 1,522.33 crore in the previous fiscal year 2022. Conversely, consolidated revenue from operations surged by approximately 48 per cent to Rs 2,481.35 crore in FY23 from Rs 1,679.54 crore in the preceding year.
On a standalone basis, ANI Technologies recorded a narrowed loss of ₹1,082.56 crore in FY23, marking a notable improvement from a loss of Rs 3,082.42 crore in FY22.
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"We remain fully committed to our mission of serving 1 billion Indians. As a technology-driven enterprise committed to innovation, we are confident in spearheading India's mobility aspirations and driving the next phase of growth within the industry," the spokesperson affirmed.
