Uber, Ola CEO Bhavish Aggarwal Refutes Merger Report

The rumored merger would cause a huge uproar for taxi aggregators in India

By Reuters | Updated: July 29, 2022 10:46 PM IST

Uber, Ola CEO Bhavish Aggarwal Refutes Merger Report

Uber Technologies Inc and its Indian rival Ola denied a media report Friday that the taxi companies were in talks about a merger. A report from the Economic Times says Ola Chief Executive Bhavish Aggarwal had met top Uber executives in San Francisco, United States, citing two sources.

“That report is incorrect. We are not and have not been in merger talks with Ola,” Uber said in a statement.

Ola’s Aggarwal tweeted: “Absolute nonsense. We are very profitable and growing well. If other companies want to leave their company from India, they are welcome! We will never merge.”

Absolute rubbish. We are very profitable and growing well. If other companies want to leave their company from India, they are very welcome! We will never merge. https://t.co/X3wC9HDrnr

— Bhavish Aggarwal (@bhash) July 29, 2022

The two companies have provoked it in an intensely competitive Indian market, spending billions on incentives and discounts for passengers.

Uber sold its local food delivery company Uber Eats to Zomato Ltd in January 2020, while Ola has shut down its grocery delivery business and has recently invested billions of dollars in its electric vehicle venture, Ola Electric Mobility.

© Thomson Reuters 2022

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