Bangalore based ridesharing platform Hailstone have closed their old car business, Ola Cars In just 8 months of launch. According to a report by ET Auto, the company has also decided to shut down its Quick-commerce arm. hail rash,
The company released a statement which said, “Ola has reevaluated its priorities and decided to wind down Ola Dash – its Accelerated Commerce business. Ola focuses more on strengthening its go-to-market strategy.” to re-orient its Ola cars business to Ola Electric,
In addition, the brand said, “The infrastructure, technology and capabilities will now be remodeled to enhance Ola Electric’s sales and service network.”
“We are very excited and focused on our mission of accelerating the electric revolution in India and expanding our mobility services to serve 500 million Indians. With our strong balance sheet, we are looking forward to our investments and increasing the pace of development in new areas like electric vehiclescell manufacturing and financial services,” says an Ola spokesperson.
Ola now aims to invest more in its electric car, cell manufacturing and financial services business.
The brand shut down its instant-commerce platform, Ola Dash, at a time when India’s instant commerce market is set to witness 15-fold growth by 2025, with a market size of around $5.5 billion.
The total market for accelerated commerce in India is estimated at $45 billion, and urban areas are driving this market on the backs of middle- and upper-income households.
Till now Ola has discontinued Ola Foods, Ola Cafe, Food Panda and now Ola Cars and Ola Dash.
Talking about Ola Cars, the brand introduced this used cars platform in October 2021. Last month, the company shut down its operations in five cities after CEO Arun Sirdeshmukh left Ola.
Ola cars operated through 300 centers in more than 100 cities. According to various media reports, the company was planning to hire around 10,000 people for sales and support and vehicle diagnostics.
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