Uber Technologies Inc and its Indian rival Ola denied a media report Friday that the taxi companies were in talks about a merger. Reactions from both taxi aggregators followed shortly after media coverage of the potential merger surfaced.
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.”
The two companies have provoked it in an intensely competitive Indian market and have spent 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.