Highlight
- Cab aggregators Ola and Uber Technologies Inc considering a possible merger: Report
- We will never merge, says Ola CEO Bhavish Aggarwal
- The two companies are fiercely competing in the Indian ride-hailing industry.
Ola, Uber merger talksCab aggregators Ola and Uber Technologies Inc are considering a possible merger, Reuters reported on Friday. The report said that Ola CEO Bhavish Aggarwal has met top Uber executives in San Francisco, United States.
While the report failed to disclose any other information about the potential deal, it caught Agarwal’s attention on Twitter.
Ola said it is one of the most profitable ride-hailing companies in the world with a strong balance sheet. The chief executive took to Twitter to rubbish the news saying, “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. will not do.”
Both the companies are fiercely competitive in the Indian ride-hailing industry, and are consistently ranked first and second.
Last month, a report claimed that Uber Technologies was exploring options for its Indian ride-hailing business, including sales, but discussions suspended after the tech startup’s valuations plummeted. Uber disputed the idea that it had considered withdrawing from India.
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