Highlights
- Cab aggregator Ola and Uber Technologies Inc are considering a potential merger: Report
- We will never merge, said Ola Chief Executive Bhavish Aggarwal
- The two companies have been competing heavily in the Indian ride-hailing industry
Ola, Uber merger talks: Cab aggregator Ola and Uber Technologies Inc are considering a potential merger, reported Reuters on Friday. The report added that Ola Chief Executive Bhavish Aggarwal has met top Uber executives in San Francisco, United States.
While the report failed to disclose any other information on the potential deal, it caught the eye of Aggarwal on Twitter.
Ola said that it is one of the most profitable ride-hailing companies in the world with a strong balance sheet. The Chief Executive had taken to Twitter to rubbish the news, saying "We’re very profitable and growing well. If some other companies want to exit their business from India they are welcome to! We will never merge."
The two companies have been competing heavily in the Indian ride-hailing industry, and are constantly ranking first and second.
Last month, a report claimed that Uber Technologies explored options for its Indian ride-hailing business, including a sale, but suspended discussions after tech startup valuations cratered. Uber disputed the idea it had considered retreating from India.
