Ola CEO denies reports of merger with Uber

New Delhi: Ola founder and chief executive officer Bhavish Aggarwal on Friday refuted a report that Ola and Uber were contemplating a merger.

"Absolute rubbish. 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," Aggarwal posted.

The Economic Times, citing sources, had reported that Aggarwal met with top Uber executives in the US to discuss the possibilities of a merger.

Uber too denied the report. In a statement, the cab aggregator said: "That report is inaccurate. We are not, nor have we been, in merger talks with Ola."

Ola said that it is one of the most profitable ride hailing companies in the world with a strong balance sheet.

"We are the market leader in India and are much bigger than the other player. Hence, a merger of any kind is completely out of the equation. We believe that India has a lot more opportunity to unlock when it comes to mobility services," a company spokesperson told IANS.

"As a strong vertically integrated mobility company, we will further consolidate our position by any acquisition in the Indian market, if at all," the spokesperson added.