June 27, 2022
1 min read

Ola winds up used car business

Ola has so far shut down Ola Cafe, food panda, Ola Foods, and now Ola Dash….reports Asian Lite News

Ride-hailing platform Ola has shut down its used vehicle business Ola Cars as well as Ola Dash, its quick-commerce business, at a time when Indian companies are pouring money into the 10-15 minute grocery delivery market.

The company shut Ola Cars within one years of its launch, as it focuses on its electric two-wheeler and car verticals.

Ola has so far shut down Ola Cafe, food panda, Ola Foods, and now Ola Dash.

“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 go-to-market strategy for Ola Electric,” the company said in a statement.

It added that Ola Cars’ infra, technology and capabilities will be “repurposed towards growing Ola Electric’s sales and service network”.

Ola now aims to invest more towards its electric car, cell manufacturing, and financial services businesses.

Ola Dash shuts down at a time when India’s quick commerce market is all set to witness 15 times growth by 2025, reaching a market size of nearly $5.5 billion.

The total addressable market for quick commerce in India stands at $45 billion, and urban areas are driving this market on the back of mid-high-income households.

Zomato on Friday poured Rs 4,447 crore into acquiring quick-commerce grocery delivery platform Blinkit.

In December 2021, Swiggy announced to pour $700 million into Instamart.

Last month, 10-minute delivery platform Zepto raised $200 million, taking its valuation to around $900 million.

Ola Electric is also facing scrutiny over faulty batteries in its electric two-wheelers, among other EV players like Okinawa Autotech, Pure EV, Jitendra Electric Vehicles, and Boom Motors, by the government.

The Bureau of Indian Standard (BIS), which comes under the Union Consumer Affairs Ministry, has published the “performance standards for electronic vehicle batteries” in a bid to keep a strict control over the manufacturing of EV batteries.

ALSLO READ: Telengana welcomes Foxconn

Previous Story

Kazakhstan strikes fine balance between Russia and West

Next Story

Largest technology startup incubator to launch in Hyderabad

Latest from Business

RBI Holds Rates, Boosts Outlook

One of the most significant announcements was the upward revision of India’s GDP growth forecast for FY 2025–26—from 6.5% to 6.8% In a move reflecting cautious optimism, the Reserve Bank of India

Nykaa Expands Global Footprint with UK Debut

To commemorate this significant global debut, Nykaa’s leadership hosted an exclusive soiree at the George Club in Mayfair, London Nykaa, India’s leading beauty and lifestyle destination, is set to make a grand

Nothing’s CMF Goes Indian with $100M JV

Company has announced a $100 million joint venture with Indian electronics manufacturer Optiemus Infracom Limited….reports Asian Lite News Smartphone maker Nothing has spun off its budget sub-brand CMF into an independent subsidiary,

Airbnb Boosts India Economy

Among international guests, the largest inbound sources were the United States, United Kingdom, Canada, and Australia Hospitality giant Airbnb made a significant impact on India’s economy in 2024, contributing Rs 113 billion

Rupee, Markets Gain Amid Trade Optimism

Emerging market currencies, including the rupee, have gained support amid softening in the dollar. Reports suggesting that the US economy is on the verge of a recession have contributed to the greenback’s
Go toTop

Don't Miss

Layoffs begin at Ola

The layoffs, which were first announced in September last year,

Report: Ola, Porter, Uber, Dunzo Worst for Gig Workers

Fairwork assessed platforms against five principles: Fair Pay, Fair Conditions,