India's ride-hailing platform, Ola, which has grown into an electric scooter manufacturer, is shutting down its taxi services outside India. This strategic decision aims to focus on increasing electric vehicle production within the country.
Founded in 2010, Ola experienced rapid growth across India. This success, achieved in a competitive market, garnered global attention. In 2018, Ola expanded its ride-hailing operations to the UK, New Zealand, and Australia. The company subsequently launched its first electric scooter in 2021, marking the birth of Ola Electric.
Ola confirmed that all international ride-hailing operations will cease by April 12, 2024. Drivers and customers were notified via email in recent days. This news comes just ahead of Ola Electric's separate IPO listing. Could this move attract more Indian investors to the electric vehicle market? Only time will tell. Additionally, reports suggest that Ola Cabs has purchased 8,000 scooters from Ola Electric to bolster its bike taxi services.
Ola Cabs spokesperson responded that the future of mobility is electric, not just for personal use but also for ride-hailing services. They are dedicated to serving one billion Indians. As a technology-driven company focused on innovation, we are confident in leading India's mobility ambitions and the next phase of industry growth.
As Ola Electric prepares for its first IPO, targeting a $662 million raise, Ola Cabs is expected to follow suit with its own public listing in India. ANI Technologies Pvt Ltd, the parent company, originally planned an IPO for Ola Cabs in 2021 but shelved the idea due to economic uncertainties.
In conclusion, Ola is prioritizing electric mobility and focusing on the Indian market to achieve profitability. We hope these strategies will lead to an expanded EV lineup, including Ola bikes, cars, and more, ultimately contributing to a better and safer transportation system in India.
