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.