India’s Ola and Uber deny report of merger talks – Instances of India

Uber Applied sciences Inc and its Indian rival Ola on Friday denied a media report that the ride-hailing corporations had been in talks for a merger.
An Financial Instances report mentioned that Ola Chief Govt Bhavish Aggarwal had met prime Uber executives in San Francisco, United States, citing two sources.
“That report is inaccurate. We aren’t, nor have we been, in merger talks with Ola,” Uber mentioned in an announcement.
Ola’s Aggarwal tweeted, “Absolute garbage. We’re very worthwhile and rising properly. If another corporations need to exit their enterprise from India they’re welcome to! We’ll by no means merge.”
The 2 corporations have been slugging it out in an intensely aggressive Indian market and have spent billions in incentives and reductions to passengers.
Uber offered its native meals supply enterprise Uber Eats to Zomato Ltd in January 2020, whereas Ola shut down its grocery supply enterprise and has of late invested billions of {dollars} in its electrical automobile enterprise, Ola Electrical Mobility.