New Delhi: Indian cab aggregator Ola and American company cab company Uber will not merge. Media reports on Friday claimed that Ola CEO Bhavish Aggarwal met top Uber executives Indian cab aggregator Ola and American company cab company Uber will not mergein San Francisco, USA, regarding the merger.

Ola is cutting costs to expand its electric mobility (EV) business

Bhavish Aggarwal has termed these media reports as rubbish. He tweeted and said- Our business is profitable and we are growing rapidly. If any foreign company wants to leave India then it is welcome, but Ola will not merge with any company. Ola is cutting costs to expand its electric mobility (EV) business. For this, Ola is in the process of laying off around 1,000 employees from its other segment.

Aggarwal of Ola tweeted, "Absolute nonsense. We're extremely lucrative and rapidly expanding. Other corporations are welcome to withdraw their operations from India. We will never become one."

Spending billions of dollars on incentives and discounts for passengers

The two businesses have been battling in a fiercely competitive Indian market, spending billions of dollars on incentives and discounts for passengers.

In January 2020, Uber sold its local food delivery company, Uber Eats, to Zomato Ltd (ZOMT.NS), while Ola shut down its grocery delivery operation and has recently committed billions of dollars to its electric vehicle venture, Ola Electric Mobility (OLAE.NS).