The rumored merger would represent a major shake-up for taxi aggregators in India
According to Reuters | Updated: July 29, 2022 22:46 IST
Uber Technologies Inc and Indian rival Ola on Friday denied a media report that the ride-hailing companies were in talks to merge. One Economic newspaper Times said CEO Ola Bhavish Aggarwal met with top Uber executives in San Francisco, US, citing two sources.
“That report is inaccurate. We are not, nor have we entered into, merger negotiations with Ola,” Uber said in a statement.
Ola’s Aggarwal tweeted, “Absolute rubbish. We are very profitable and growing well. If some other company wanted to move out of their business from India, we would never have. unify.”
Absolute trash. We are very profitable and growing well. If some other company wants to get out of their business from India, they are welcome! We will never merge. https://t.co/X3wC9HDrnr
– Bhavish Aggarwal (@bhash) July 29, 2022
The two companies have deployed it in a fiercely competitive Indian market and have spent billions of dollars in incentives and discounts for passengers.
Uber sold its local food delivery business Uber Eats to Zomato Ltd in January 2020, while Ola closed its grocery delivery business and invested billions of dollars in its Ola Electric Mobility electric vehicle venture.
© Thomson Reuters 2022
This is a breaking news story. More details will be added soon. Please refresh the page for the latest version.