Ola, a Bengaluru-based transport service provider company, will, most likely, activate its operations in London by September this year. The development comes to light after the cab-hailing unicorn startup received private hire vehicle (PHV) operator licence to operate in the heart of England.
“London is one of the world’s most iconic cities and hosts a progressive mobility environment. We couldn’t be more excited to bring Ola to London in the time ahead! We are looking forward to building world-class mobility offerings for London, by collaborating with drivers, riders, the government and local authorities. Londoners will hear more from us closer to our launch in the city, as we get ready to serve them,” an Ola spokesperson said.
The company had first expanded to the United Kingdom (UK) in August 2018. The company began with operations in Cardiff and soon expanded to six more cities including Bristol, Liverpool, Birmingham, and Reading.
The company has already designated $60 million for international expansions. While, apart from London, Ola had launched its services in number of foreign cities.
In November 2018, Ola launched its services in New Zealand and has been offering rides to Auckland, Wellington and Christchurch.
In February 2018, it had launched its services in Perth, Australia, and had also reportedly set up teams in Dhaka, Bangladesh and Colombo, Sri Lanka. It also expanded its operation in Sydney in March last year.
According to Statista report, revenue in UK’s ride-hailing segment was $2,834 million in 2019. The revenue is expected to show an annual growth rate (CAGR 2019-2023) of 8.2 per cent, resulting in a market volume of $3,890 million by 2023.
Some of the leading ride-hailing cab services includes Grab, Uber, Gett, Meru Cabs, Careem, and many more.
Also read: Ola bags $11.37 million in ongoing series J round from DIG Investment Ab, Deshe Holding