New Delhi: Ola, a prominent ride-hailing company based in India has revealed its decision to cease operations in the United Kingdom, Australia, and New Zealand by the end of April. This strategic move is part of the company's effort to bolster its presence in the domestic market and prepare for an upcoming initial public offering (IPO). The company has begun informing users about the upcoming shutdown of its services through notifications.
Spokesperson from Ola mentioned in a statement,"The future of mobility is electric -- not just in personal mobility but also for the ride-hailing business, and there is immense opportunity for expansion in India,". (Also Read: Royal Bank Of Canada Fires CFO For ‘Undisclosed Personal Relationship’ With Colleague)
Drivers working for Ola in Australia were notified via email about the sudden closure and were instructed not to accept passengers after April 12. Ola's departure from the country occurs six years after it initially entered the market in 2018. The Transport Workers’ Union in Australia has allegedly expressed the intention to arrange a prompt meeting with Ola to guarantee that its drivers receive all their owed wages. (Also Read: Swiggy Transitions To Public Limited Company Ahead Of IPO)
Both Ola and Uber have launched subscription-based plans for auto-rickshaw drivers using their platforms. This approach mirrors the strategy adopted by competitors Namma Yatri and Rapido, eliminating booking fees or commissions, as reported by ET.
