'Absolute rubbish,' says Ola CEO on report of merger talks with Uber

Ola CEO Bhavish Aggarwal met top Uber executives in San Francisco recently, says a news report

Ola CEO Bhavish Aggarwal refuted a news report of the cab-hailing platform being in talks for a potential merger with Uber.

"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," tweeted Aggarwal while responding to the news report. 

Aggarwal met top Uber executives in San Francisco, US recently, reported Economic Times while citing two soruces aware of the major development. 

The report comes at a time when Ola is reportedly ramping up its electric vehicle business and is now planning to lay off around 1,000 employees.

Media reports say that verticals like mobility, hyperlocal, fintech, and its used car operations have all been included in the process.

Recently, a report said that Ola is laying off up to 500 employees across departments as it aimed to cut costs amid a challenging funding environment and a delay in listing plans.

Senior executives at the SoftBank-backed company were reportedly tasked with identifying team members who can be asked to leave based on performance.

The company had shut down its used vehicle business Ola Cars, as well as its quick-commerce business, Ola Dash, recently.

It was shut down within one year of its launch, as the company shifted focus on its electric two-wheeler and car verticals.

Last month, Uber refuted Bloomberg report of it exploring options for its Indian ride-hailing business, including a sale, but suspended discussions after tech startup valuations cratered.

Uber pondered a stock swap with local companies or even a pullout, before a global equity market rout upended plans. A stock deal was favored in exploratory talks as that would allow Uber to retain a foothold in India, reported Bloomberg.