Rumored merger will represent a major change for taxi aggregators in India
by Reuters | Updated: 29 July 2022 22:46 IST
Uber Technologies Inc and its Indian rival Ola on Friday denied a media report that ride-hailing companies were in talks for a merger. One Economic Times report Ola CEO Bhavish Agarwal had met Uber’s top executives in San Francisco, United States, citing two sources.
“This report is false. We are not and are not in merger talks with Ola,” Uber said in a statement.
Ola’s Agarwal tweeted, “Absolutely rubbish. 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.”
Absolutely bullshit. 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. https://t.co/X3wC9HDrnr
— bhavish agarwal (@bhash) 29 July 2022
Both companies are leaving it behind in the highly competitive Indian market and have spent billions in incentives and discounts to travelers.
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 electric vehicle venture, Ola Electric Mobility.
© Thomson Reuters 2022
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