'Absolute rubbish': Bhavish Aggarwal quashes reports of Ola's merger talks with Uber

Bhavish Aggarwal, the CEO of Ola Electric, has quashed reports about Ola's merger talks with Uber.

Bhavish Aggarwal, the CEO of Ola Electric, has quashed reports of merger talks with Uber and called the rumours "absolute rubbish". We’re very profitable and growing well, he said.

Taking to Twitter, Aggarwal said, "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."

According to Reuters, Uber has also denied reports of a merger. That report is inaccurate. We are not, nor have we been, in merger talks with Ola, Uber said in a statement.

The two Indian cab aggregators have been slugging it out in an intensely competitive Indian market and have spent billions in incentives and discounts to passengers.

Uber sold its local food delivery business Uber Eats to Zomato Ltd (ZOMT.NS) in January 2020, while Ola shut down its grocery delivery business and has of late invested billions of dollars in its electric vehicle venture, Ola Electric Mobility.

(With inputs from Reuters)