New Delhi: Uber and its rival Ola on Friday denied reports claiming that the ride-hailing firms were in talks for a potential merger. Earlier in the day, an Economic Times report said that Ola Chief Executive Bhavish Aggarwal had met top Uber executives in San Francisco, United States, citing two sources.Also Read – Upfront Fares: Uber to Show Drivers How Much They Will Earn Before Accepting A Trip. Deets Inside
“That report is inaccurate. We are not, nor have we been, in merger talks with Ola,” Uber said in a statement. Also Read – Ola Plans to Sack 1,000 Employees And to Increase Hiring For Electric Mobility Business | Details Here
Ola’s Chief Executive Bhavish Aggarwal said Ola is very profitable and growing well and the reports of merger talks with the American ride-hailing firm are absolute rubbish. Also Read – Ola Shares Plan on Sports Car, Upcoming Update For E-Scooters
Bhavish Aggarwal said in a tweet, “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.”
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. https://t.co/X3wC9HDrnr
— Bhavish Aggarwal (@bhash) July 29, 2022
Notably, these two companies had earlier held conversations when common investor Softbank had pushed for a potential merger. However, the deal could not materialise that time.
Recently, one official statement from Ola suggested that rather than merger, the company would look at acquisitions to consolidate its position.
“Ola 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. As a strong vertically integrated mobility company we will further consolidate our position by any acquisition in the Indian market, if at all,” Ola said in the statement.
