Ola has made a very sudden announcement that it will pull out of all international markets including Australia, New Zealand as well as the UK - from today.
👉 Background: Ola started in India back in 2010 and hit a valuation of more than $7.3 billion USD in 2021. As part of its vision for global-ride-sharing domination, it launched in Australia and New Zealand in 2018.
👉 What happened: Now, Ola has made a very sudden announcement that it will pull out of all international markets including Australia, New Zealand as well as the UK - from today.
👉 What else: Ola has never recorded a profit, and it hasn't been able to steal market share from Uber in international markets - so now it will invest all its capital in beating Uber in its local market - India.
💡Saying goodbye to non-core markets lets companies zoom in and rule their main market.
💡Ola has made a strategic market exit so it can refocus its efforts on India, where it is facing a serious threat from Uber. Uber’s revenue in India also grew more than 50% in the past financial year, making it Ola's strongest competitor in the market.
💡By streamlining its geographical focus, Ola can focus on growing its market share and hopefully improve unit economics in its largest market.
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