We Will Never Merge, Ola CEO Bhavish Aggarwal On Uber Merger Reports

'We will never merge': Ola CEO Bhavish Aggarwal on Uber merger reports

Ola CEO Bhavish Aggarwal denied the company is in merger talks with Uber

New Delhi:

Ola CEO Bhavish Aggarwal has denied media reports of merger talks with Uber. Mr Aggarwal tweeted that Ola is “very profitable and growing well” and reports of merger talks with the US ride-hailing company are “absolute nonsense”.

Reuters news agency reported today that Ola and Uber are considering a possible merger, citing an Economic Times report citing sources familiar with the matter. NDTV had also released the Reuters report.

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

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 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.

Ola’s deferred IPO, or IPO, is likely to happen this year or early 2023.

Earlier this month, it was reported that Ola would be cutting jobs and halting employee performance appraisal for this year. Ola has reportedly laid off nearly 500 employees based on performance in various departments and curtailed their operations due to funding issues.

The company also recently closed its car business, Ola Cars, which was nearly a year old but did not bring in much revenue and business.

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