New Delhi, April 9 (IANS): Ride-hailing company Ola on Tuesday said it has decided to shut down all of its existing global markets, namely the UK, Australia and New Zealand amid rising competition.

The company mentioned that it will be focusing on the Indian market as it sees an "immense opportunity for expansion" in the country.

"The future of mobility is electric -- not just in personal mobility but also for the ride-hailing business, and there is immense opportunity for expansion in India," an Ola spokesperson said in a statement.

"With this clear focus, we’ve reassessed our priorities and have decided to shut down our overseas ride-hailing business in its current form in the UK, Australia and New Zealand," it added.

The company operates in hundreds of locations and provides several modes of transportation, including two-wheelers.

Meanwhile, Ola's mobility business in the country has reported a profit of Rs 250 crore in FY23 against a loss of Rs 66 crore in FY22.

Its revenue rose 58 per cent to Rs 2,135 crore in FY23 from Rs 1,350 crore in FY22.

"In FY23, we challenged ourselves -- to not just grow and scale, but to do this profitably. While our revenue continued to grow at a strong clip of 58 per cent, we became EBITDA positive in the India mobility business," the company said.