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Ola ceases operations in UK, Australian, and New Zealand markets
Entrackr
·
1y ago
Medial
Indian ride-hailing service provider Ola is exiting from the UK, Australia and New Zealand. The move comes nearly six years after it launched its services in these three markets. “Our ride hailing business is growing rapidly, and we remain profitable and segment leaders in India. 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,” an Ola spokesperson said in a statement. “With this clear focus, we’ve reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form in the UK, Australia and New Zealand…,” the spokesperson added. Ola’s move is likely due to its shift in attention towards launching an initial public offering (IPO) for its electric vehicle arm, Ola Electric. In December 2023, Ola Electric filed its draft red herring prospectus (DRHP) with the Security Exchange Board of India (SEBI) for the IPO to raise Rs 5,500 crore ($660 million approximately). As per the company, it will utilize the primary proceeds for the expansion of the capacity of its cell manufacturing plant, repayment or pre-payment of the indebtedness, investment into research and product development, and general corporate purposes. Ola is among the few local ride-hailing companies that compete with Uber in the Indian market. The homegrown company is heavily funded too, and counts the likes of Bessemer Venture Partners, Temasek, and Accel as its marquee investors. Moreover, the IPO-bound electric vehicle arm recently raised 410 crore (approximately $50 million) via non-convertible debentures from EvolutionX. Meanwhile, Uber India witnessed a 54.46% increase in its revenue which crossed Rs 2,600 Cr during the fiscal year ending March 2023 but the firm’s losses rose 57% during the same period. Its overall expenditure stood at Rs 3,146 crore in FY23 as compared to Rs 2,146 crore in FY22.
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Related News
Ola Cabs Shuts Ride-Hailing Business In UK, New Zealand, and Australia
Inc42
·
1y ago
Medial
Indian ride-hailing giant Ola is shutting down its operations in the UK, New Zealand, and Australia to focus on the Indian market. The decision comes as Ola claims its India mobility business broke even with strong earnings in FY23. Ola drivers in Australia received an email notifying them of the closure and instructing them not to take passengers after April 12. The move follows reports of Ola's reduced valuation by US-based Vanguard. The company is now looking to further integrate electric vehicles into its fleet and strengthen its presence in the Indian market.
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Indian ride-hailing giant Ola quits UK, Australia and NZ in international pullback
TechCrunch
·
1y ago
Medial
Indian ride-hailing company Ola is closing down its operations in the UK, Australia, and New Zealand as it shifts its focus back to the domestic market. The SoftBank-backed startup plans to strengthen its presence in India before its upcoming initial public offering (IPO). Ola currently operates in hundreds of cities in India and offers various transportation options. Despite exploring merger possibilities with Uber, Ola has not reached an agreement and both companies continue to operate independently. Ola Electric, Ola's electric two-wheeler brand, is also preparing for its IPO, aiming to raise $662 million.
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Ola Cabs CFO Kartik Gupta steps down in pre-IPO restructuring
YourStory
·
1y ago
Medial
Ola Cab's Chief Financial Officer, Kartik Gupta, has resigned from his position in the ride-hailing company. This news comes just two weeks after Ola's CEO, Hemant Bakshi, also departed. The company's spokesperson mentioned that the restructuring is aimed at increasing productivity in an AI-led era, saving costs, and focusing on growth and profitability. Ola Cabs is currently undergoing major changes, including leadership team shuffles and founder Bhavish Aggarwal taking a more active role in the company, aiming towards an IPO. The company recently shut down its operations in the UK, Australia, and New Zealand.
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Ola Electric’s CBO Ankush Aggarwal joins Ola Financial Services as CEO
Entrackr
·
1y ago
Medial
ANI Technologies, the parent company of ride hailing company Ola, has appointed Ankush Aggarwal as the chief executive officer of Ola Financial Services. His appointment comes on the backdrop of resignation of Hemant Bakshi as CEO of the ride hailing business. Bakshi was leading the mobility business along with a focus on key businesses such as financial services, logistics, and e-commerce. As per an ET report, Ankush Aggarwal will be a part of the senior leadership of Ola Cabs. In March 2022, Ankush Aggarwal (brother of Ola’s founder Bhavish Aggarwal) sold his startup Avail Finance to ANI Technologies for about $50 million in a share swap deal. After the deal, he joined Ola Electric, a separate company founded by Bhavish Aggawral, as the chief business officer (CBO). While Ola is yet to name the new chief executive of the ride hailing business, Bhavish Aggarwal will look after the day-to-day operations of the company. Entrackr has reached out to Ola for comment. Earlier this year, Ola announced that it had turned EBITDA profitable in FY23. During the period, its revenue jumped 42% to Rs 2,799 crore as compared to Rs 1,970 crore in FY22. The firm managed to cut down its losses by nearly 50% to Rs 772 crore during FY23 against Rs 1,522 crore in the previous year. Also Read: Startups rope in new CEOs amid cash crunch, layoffs, profitability and IPO plans Ola Money, which is operated by Ola Financial Services, recorded Rs 85.5 crore revenue with a loss of Rs 54.6 crore while the cab leasing firm Ola Fleet Technologies’ revenue stood at Rs 189.9 crore with Rs 387.6 crore loss in FY23. Last month, Ola announced that it is rolling back its services from international markets such as the UK, Australia and New Zealand. The move is likely due to its shift in attention towards launching an initial public offering. As per media reports, Ola is gearing up for the IPO and has finanlised book running lead managers for going public.
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ETtech Explainer: Amid online harm fears, nations push social media ban for under-16s
Economic Times
·
2m ago
Medial
New Zealand is considering a law to ban children under 16 from social media, aligning with other nations like Australia, which already has similar restrictions. This move, aimed at protecting children from online harm and addiction, is part of a global trend, with the UK, EU, Canada, and some US states contemplating comparable measures. If passed, the law would join New Zealand with countries actively legislating to protect minors from digital platform exposure.
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Zomato begins liquidation of Portuguese subsidiary
Economic Times
·
2y ago
Medial
Zomato has initiated the liquidation process of its Portuguese subsidiary, as per regulatory filings. The move is part of Zomato's efforts to streamline its operations and focus on core markets. The liquidation process is expected to conclude by the end of September. Zomato's decision reflects its strategic approach to optimizing its business and resources. Similar exercise also started earlier for arms in Australia, New Zealand, Jordan, Ireland, Indonesia.
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Ola Electric reports Rs 373 crore topline in FY22; losses widen on scooter sales launch
Economic Times
·
1y ago
Medial
Ola Electric reports Rs 373 crore in revenue for FY22 but records increased losses due to the launch of scooter sales. Despite healthy topline growth, losses widened due to significant expenses associated with launching scooter products. Ola Electric's financial performance underscores the challenges in scaling up operations and entering new markets, highlighting the complexities of the electric vehicle industry's expansion.
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China probes Google moments after Donald Trump's tariff enter effect
Economic Times
·
6m ago
Medial
China launched an investigation into Google's alleged anti-trust violations and imposed new tariffs on U.S. goods shortly after President Trump implemented a 10% tariff on imports from Beijing, sparking a renewed trade conflict. China's measures include 15% levies on coal and natural gas, and 10% on oil and agricultural equipment, alongside export controls on tungsten-related materials. Consequently, the offshore yuan depreciated, impacting currencies like the Australian and New Zealand dollars amidst the ongoing economic dispute.
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Nazara Shares Hit 52-Week High By Jumping 8% Intraday
Inc42
·
1y ago
Medial
Nazara Technologies, a gaming company, saw its stock gain earlier in the trading session, reaching INR 1001.55. However, the stock later experienced a decline. In an effort to expand its operations, Nazara Technologies recently established a new subsidiary, Nazara Technologies UK Ltd, based in the United Kingdom. This move will allow the company to enter new markets and further grow its product offerings.
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Australia says cybercrime surging, state-sponsored groups targeting critical infrastructure
Economic Times
·
1y ago
Medial
According to a government report, cybercrime attacks targeting Australia's critical infrastructure, businesses, and homes have increased. The Australian Cyber Security Centre reported a 23% surge in cybercrime incidents, estimating that there is a hack on Australian assets every six minutes. State-sponsored cyber groups are showing a growing interest in Australia's critical infrastructure, partly due to the country's new defence agreement with the UK and the US. The report also mentioned the potential use of techniques by a state-sponsored Chinese hacking group against Australia's telecommunications, energy, and transportation sectors.
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