This story is from June 27, 2022

Ola shuts down its used car business to invest in electric vehicles

Bengaluru-based ridesharing platform Ola has shut down its used car business, Ola Cars in just 8 months of its launch. As reported by ET Auto, the company has also decided to shut down its quick-commerce arm, Ola Dash. The company released a statement that says, “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.”
Ola shuts down its used car business to invest in electric vehicles
Ola shuts down its used car business to invest in electric vehicles
Bengaluru-based ridesharing platform Ola has shut down its used car business, Ola Cars in just 8 months of its launch. As reported by ET Auto, the company has also decided to shut down its quick-commerce arm, Ola Dash.
The company released a statement that says, “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.”
Further, the brand added, “The infrastructure, technology and capabilities will now be repurposed towards growing Ola Electric’s sales and service network.”
“We’re very excited and focused on our mission to accelerate the electric revolution in India and scale our mobility services to serve 500 million Indians. With our strong balance sheet, we’re increasing our pace of investments and growth into new areas like electric cars, cell manufacturing and financial services,” says the spokesperson of Ola.
Ola now aims to invest more towards its electric car, cell manufacturing, and financial services businesses.
The brand closed its quick-commerce platform, Ola Dash at a time when India’s quick commerce market will witness 15 fold growth by 2025, having a market size of nearly $5.5 billion.
The total 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.

Till now, Ola has shut down Ola Foods, Ola Cafe, Food panda, and now Ola Cars and Ola Dash.
Speaking of the Ola Cars, the brand introduced this used cars platform in October 2021. Last month, the company shut down its operations within 5 cities when the CEO Arun Sirdeshmukh left Ola.
Ola Cars used to operate in over 100 cities through 300 centres. 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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About the Author
Prachi Ahluwalia

Bringing along a wide variety of experiences, Prachi is an avid observer of what is happening around in the auto industry. She has been writing about the automotive sector for more than five years and there doesn't seem to be any indication of her stopping anytime soon.

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