The Indian multinational ride-sharing company, Ola has come to a resolution to shut down its used car venture Ola Cars and its quick commerce arm Ola Dash. This step is taken by the company as they have decided to turn their focus on the company’s EV and mobility ventures. Ola Cars came into motion less than a year ago
A representative of the firm validating this report in an authorized acknowledgment said that the ride-sharing company has reevaluated its first concern and has reached a conclusion that it will be closing its quick commerce ventures. The Ola Cars framework, mechanization, and potentials will now be remodeled for the development of Ola’s new venture, he added further.
Ola asserted that its ride-sharing venture is witnessing its highest ever GMV one after the other month and the company is also enjoying an absolute powerful profit. It also said that its newly launched electric vehicle venture has gained the position of the largest EV firm in India within a short period.
The representative further said that the company is very enthusiastic and centered on its aim to expedite the electric revolution in India and escalate its mobility duties to aid around 500 million people in our country. The is moving ahead with a powerful balance sheet and is boosting its speed of development and investments into new business ventures like EV, etc.
The Ola Cars venture which came into motion around 8 months ago was a competition for companies like Droom, Cars 24, etc. The chief executive and head of marketing of this business of Ola had already quit their jobs earlier in May. The company had shut down its Ola Cars services in five cities the previous month.
Ola Cars aim to spread its services over 100 cities comprising 300 centers in India. The corporation also planned to appoint around 10,000 individuals across different fields including marketing, support, etc. Most of the employees of Ola Car are assumed to be incorporated in the company’s electric vehicle venture.
Remarkably, the company is liquidating its used car services at a time when the used car businesses are witnessing large profits and are advancing to a greater extent.
Even in the past, the corporation is known to have shut down a number of its ventures because the CEO of the firm, Bhavish Agarwal barreled from one great plan to another. Earlier in April, Ola had laid off 2,100 workers working in the dark stores of Ola Dash.
