Ola Founder and CEO Bhavish Aggarwal on Friday refuted a report that stated Ola and Uber are contemplating a possible 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, stated the Indian cab aggregator Ola and Uber Technologies are contemplating a possible merger.
Ola Chief Executive Aggarwal met high Uber executives within the US, stated the report.
“That report is inaccurate. We are not, nor have we been, in merger talks with Ola,” Uber stated in an announcement.
Ola stated that it is among the most worthwhile journey hailing firms on the earth with a robust steadiness 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,” an organization spokesperson instructed IANS.
“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.