Jobaaj Stories
Ride-hailing giant Ola has announced that it is shutting down its q-commerce segment, Ola Dash, and merging the cars segment with Ola Electric.
In addition to Ola Dash, the company has also decided to shut down Ola Cars, its used cars segment, after 8 months of commencement. The company has decided to shut down Ola Dash since it wasn't matching the company's vision. Considering the cutthroat competition and high cash burn, this could be a good decision.
Jawahar Goel steps down as MD of Dish TV, read more.
“Ola has reassessed its priorities and decided to shut down Ola Dash—its quick commerce business. Ola will also be reorienting its Ola Cars business to focus more on strengthening the market strategy for Ola Electric. Ola Cars infra, technology, and capabilities will be repurposed towards growing Ola Electric's sales and service network,” the company said in a statement.
The company is shifting its focus to its ride-hailing business, which the company claims, is growing its GMV every month. Moreover, the company is also improving its EV business which, as it claims, is already the biggest in India.
Moreover, the company is also working towards expanding into cell manufacturing, electric cars, and financial services.
This is among a long list of names of ventures that the company has discarded: The company acquired FoodPanda in 2017 only to shut it down in 2019, its food business called Ola Cafés began operations in 2015 but closed operations a year later & Ola Foods, it's cloud kitchen business began operations but was reported to have been unable to attract enough attention and was reported to be selling it's equipment out.
Earlier this month, Ola announced that it would be delaying its IPO. A total of 16 IPOs listed in Q1FY22, 9 of which are in the red. The founder said that they were fairly close to listing, but chose to file later. The IPO could hit in the latter part of this year or next year.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
