New Delhi. Ola founder and CEO Bhavish Aggarwal on Friday denied reports that Ola and Uber were considering a possible merger. Agarwal posted, ‘Absolutely rubbish. We are very profitable and growing well. If some other companies want to exit their business from India they are welcome! We will never merge.’
The Economic Times report quoted sources as saying that Indian cab aggregators Ola and Uber Technologies are considering a possible merger. The report said that Ola’s chief executive Agarwal met top Uber executives in the US. Uber said in a statement, ‘This report is false. We are not in talks with Ola for merger.
Ola said that it is one of the most profitable ride hailing companies in the world with a strong balance sheet. A company spokesperson said, “We are the market leader in India and are much bigger than other players. Therefore, any kind of merger is completely out of the equation. We believe that India has a lot of opportunities to unlock when it comes to mobility services.
Both the companies are competing to outdo each other in the highly competitive Indian market and have spent billions in incentives and discounts to passengers. Uber sold its local food delivery business Uber Eats to Zomato in January 2020, while Ola shut down its grocery delivery business and invested billions of dollars in its electric vehicle venture, Ola Electric Mobility.
FIRST PUBLISHED : July 29, 2022, 22:57 IST