Reports Claim Potential Ola-Uber Merger; 'Absolute Rubbish,' Says Ola CEO
Both companies had held merger conversations four years ago as well.
Indian cab aggregator Ola and Uber are considering a potential merger, The Economic Times reported on Friday, 29 July.
(Photo: iStock)
Indian cab aggregator Ola and Uber are considering a potential merger, The Economic Times reported on Friday, 29 July. However, Ola CEO Bhavish Aggarwal discarded the claim.
Aggarwal, tweeted, that Ola 'will never merge.'
"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," he tweeted.
The Economic Times report further claimed that Ola’s co-founder and CEO Bhavish Aggarwal met top Uber executives in San Francisco, US recently.
Although both companies had held conversations four years ago, when common investor Softbank pushed for a merger, a deal had not materialised. Following growth pangs that Ola and Uber have been facing in the recent months, the conversations have revived.
The two companies have been struggling to survive in an intensely competitive Indian market and have spent billions in incentives and discounts to passengers.
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