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Ola shuts used car biz, winds up Q-commerce platform Ola Dash
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IANS | 25 Jun, 2022
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.
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