The company closed Ola Cars within a year of its launch, as it focuses on its electric two-wheelers and car verticals.
Ola has stopped so far
“Ola has reassessed its priorities and has decided to discontinue Ola Dash, its high-speed trading business. Ola will also refocus its Ola Cars business to focus more on strengthening its go-to-market strategy for
It added that Ola Cars’ infrastructure, technology and capabilities “will be leveraged to grow Ola Electric’s sales and service network.”
Ola now wants to invest more in its electric car, cell manufacturing and financial services business.
Ola Dash is closing at a time when India’s high-speed trading market will grow 15 times by 2025, reaching a market size of nearly $5.5 billion.
The total addressable fast-trade market in India is $45 billion, and urban areas drive this market with the help of middle-income households.
In December 2021, Swiggy announced it was pumping $700 million into Instamart.
Last month, Zepto, a 10-minute delivery platform, raised $200 million, bringing its valuation to about $900 million.
Ola Electric is also being monitored by the government for defective batteries in its electric two-wheelers, alongside other EV players such as Okinawa Autotech, Pure EV, Jitendra Electric Vehicles and Boom Motors.
The Bureau of Indian Standard (BIS), which comes under the Union’s Ministry of Consumer Affairs, has published the “Performance Standards for Vehicle Electronic Batteries” in an effort to maintain strict control over the production of EV batteries.
India could be used as ‘back door’ for Russian oil, media reports say
Netflix confirms an ad-supported tier will be coming to its streaming service by the end of the year