In a new development surrounding Indian cab-aggregator Ola Cabs, according to an ET report, the company will exit all its international markets by the end of April. The company, which started its operations in India, expanded to other territories, including Australia, its neighbouring New Zealand and the United Kingdom.
This could be seen as a result of Ola accommodating realising the limitations of its bandwidth, as it would not want to stretch itself too thin. Another reason could be the competition on home turf itself. The Bengaluru-based company which dupolozied the market along with the American-giant Uber, in a market that had a few names including Meru, finds itself in a scene, which appears to have changed for now.
OLA CEO Bhavesh Aggarwal | Photo: Twitter Image
With players like TaxiforSure, Meru and Russian-made InDrive along with other minor and upcoming players trying to cut a space for themselves in the market, Ola may want to shore an reinforce itself as the market leader. The market has gotten competitive and expansive, as the services, which were limited to four-wheelers, today encompass auto-rickshaw and two-wheelers, accommodating different segments and their needs.
Ola's Tech Exploits
The company which turned profitable recently, accrued a total revenue of Rs 2,135 in 2022-23. All this while it brought its losses down as well.
Meanwhile, Ola or its parent company ANI Technologies has also ventured into other avenues, namely its electric scooter business. The company and its leadership has often shown its faith in advanced technology. Therefore, in addition to scooters, the Bhavish Aggarwal-run entity has also been dabbling in tech for the future, jumping into the AI bandwagon with their own chatbot, Krutrim, trying to take on the likes of Google and OpenAI.
The company has also been grooming its prospects for the equity markets, as Ola is expected to offer its IPO, sometime, later this year. According to reports, the issue price of the unannounced IPO of Ola Electric is pegged at Rs 5,500 crore.
