Cab aggregators Ola and Uber on Friday dismissed media reports that suggested they were planning to merge.
Ola co-founder Bhavish Aggarwal described the reports as “absolute rubbish”.
“We are very profitable and growing well,” he tweeted in reply to an Economic Times report about the potential merger. “If some other companies want to exit their business from India they are welcome to! We will never merge.”
Meanwhile, in a statement released on Friday, Uber said that the report was inaccurate, reported NDTV.
“We are not, nor have we been, in merger talks with Ola,” it added.
The Economic Times had first reported about the merger, citing two unidentified officials, who told the newspaper that Aggarwal had met top executives of Uber in San Francisco about the deal.
The report said that both companies had discussed the possibility of a merger four years ago when pushed by common investor Softbank. The deal did not materialise then but the talks have revived in recent months as both Uber and Ola are “facing growth pangs”.
The two companies that dominate the Indian market have poured in billions in incentives and discounts to passengers.
Uber had sold its local food delivery business Uber Eats to Zomato in January 2020. Ola had also shut down its grocery delivery business.
Ola has also shut down its quick delivery and used car businesses. On Friday, The Economic Times had also reported that Ola would be laying off 1,000 employees.