Uber, Ola Rubbish Media Reports of Merger

SAN FRANCISCO, CA (IANS) – Ola Founder and CEO Bhavish Aggarwal on July 29 refuted a report that said Ola and Uber are considering a potential merger.

“Absolute rubbish. We’re very profitable and growing well. If some other companies want to exit their business from India they are welcome to! We will never merge,” Aggarwal posted.

The Economic Times report, citing sources, said the Indian cab aggregator Ola and Uber Technologies are considering a potential merger.

Ola Chief Executive Aggarwal met top Uber executives in the US, said the report.

“That report is inaccurate. We are not, nor have we been, in merger talks with Ola,” Uber said in a statement.

Ola said that it is one of the most profitable ride hailing companies in the world with a strong balance sheet.

“We are the market leader in India and are much bigger than other player. Hence, merger of any kind is completely out of the equation. We believe that India has a lot more opportunity to unlock when it comes to mobility services,” a company spokesperson said.

“As a strong vertically integrated mobility company we will further consolidate our position by any acquisition in the Indian market, if at all,” the spokesperson added.