‘Absolute Rubbish’: Ola Chief Bhavish Aggarwal Rejects Claims Of Merger With Uber

Hours after experiences of merger with Uber, Indian cab aggregator Ola’s Chief Executive (CEO) Bhavish Aggarwal on Friday rejected the claims and termed it to be “absolute rubbish”. It was reported earlier within the day that Ola and US-based Uber Technologies are contemplating a potentital merger after each firms reportedly dealing with losses after spending billions within the a lot aggressive Indian market. 

Taking to Twitter Aggarwal even identified that his agency worthwhile and rising nicely, including that Ola won’t ever merge 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,” Aggarwal tweeted. 

A report in The Economic Times claimed that Aggarwal met high Uber officers in San Francisco to debate the merger additional. However, monetary particulars of the merger was not disclosed within the report.

Even Uber rejected the claims of merger. “That report is inaccurate. We are not, nor have we been, in merger talks with Ola,” information company Reuters quoted Uber as saying in an announcement.

Meanwhile, ANI Technologies, the mum or dad firm of homegrown ride-hailing agency Ola, reported its first working revenue of Rs 90 crore in FY21 on a standalone foundation in comparison with a lack of Rs 610.18 crore the earlier fiscal 12 months.

The revenue was reported regardless of a 65% fall in revenues to Rs 689.61 crore because of lockdowns attributable to COVID–19 final 12 months. The majority of the corporate’s consolidated income got here from its core enterprise of ride-hailing, whereas, ANI Technologies gives banking providers and offered its meals supply enterprise to Zomato. 

The firm was planning to boost over $1 billion by an preliminary public providing (IPO) however the volatility within the inventory markets has dampened the corporate’s plan for IPO within the speedy future. 

Another report by IANS even claimed that Ola is most definitely to put off round 1,000 staff to ramp up its electrical automobile enterprise within the nation. However, sources near the corporate, knowledgeable that these layoffs could impression lower than 500 staff and never 1,000, and “are a result of restructuring in the Cars and Dash businesses”.

Aggarwal has not responded to the lay off claims. Reports additionally claimed that the ride-hailing platform is planning to put off staff to chop prices amid a difficult funding atmosphere and a delay in itemizing plans.

Senior executives on the SoftBank-backed firm had been reportedly tasked with figuring out workforce members who might be requested to go away primarily based on efficiency, IANS reported. Recently, the corporate had shut down its used automobile enterprise Ola Cars, in addition to its quick-commerce enterprise, Ola Dash.

The firm can also be dealing with flak over defective batteries and hearth incidents after instances of electrical two-wheelers catching hearth just lately occurred throughout the nation, prompting firms to recall their autos.