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Indian drive - hailing giant Ola is shutting down its operation in the U.K. , Australia and New Zealand , six years after expanding to international markets , as it shifts focus to shore up its domestic byplay ahead of an initial public offering .
An Ola interpreter told TechCrunch that the SoftBank - backed drive - herald inauguration sees “ Brobdingnagian opportunity for expansion in India , ” where it operate in hundreds of cities and pop the question a chain of transferral options , include two - wheelwright .
“ With this open focusing , we ’ve reevaluate our priorities and have decide to close down our overseas ride - hailing business in its current form in the U.K. , Australia and New Zealand , ” the interpreter added .
assess at$7.3 billion in 2021 , Ola is among the most eminent - profile startups in India and is backed by some of the biggest name calling , including Temasek , Tiger Global and Warburg Pincus . The startup design to file for an initial public offering after the public listing of Ola Electric , the electric two - wheeler brand in India thatspun out of Ola .
Ola Electric islooking to invoke $ 662 million from its IPO in India , according to paperwork it file late last twelvemonth .
Ola and Uber , its chief rival in India , slowed their domesticated enlargement during the pandemic and have since largely focused on improving their unit economics . The two firms have search merging businesses in recent years , but have been ineffective to reach an concord . Both continue to take a firm stand publically that they have no stake in partnering with the rival . ( Ubersold its Indian solid food pitch business to local giant Zomatoin early 2020 . )
Uber chief executive director Dara Khosrowshahi recently distinguish Indian daily Economic Times that the ride - hailing app ’s market share has never been higher in the South Asian market .
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“ While ( competition ) Ola focuses on other orbit … we enjoy the ride - sharing clientele . We also continue to expand into new category and are dedicate to sustainability . Some of our competitors are distracted by shiny , new efforts and IPOs ; that ’s great . I ’m undistracted and completely focussed on the mobility business organisation here as there ’s an enormous amount of top side for us and our placement has never been better , ” theEconomic Times quoted Khosrowshahi as say .
