Ola said on Tuesday it was exiting its ride-hailing businesses in the UK, Australia and New Zealand as the startup focuses on its home market India, where it is locked in a battle for market share with Uber .

Ola Cabs, founded in 2010 by Bhavish Aggarwal, was operating in the international markets since 2018. Earlier this year, U.S. asset manager Vanguard cut Ola's valuation by 30% to under $2 billion.

Parent ANI Technologies was valued at $7.3 billion in its most recent fundraise in 2021, and is yet to report a profit.

Last year, electric-scooter maker Ola Electric, which was spun off from the ride-hailing business, filed to go public. (Reporting by Nandan Mandayam in Bengaluru; Additional reporting by Manvi Pant; Editing by Shounak Dasgupta)