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Ola, Uber Cab Aggregators To Merge
SoftBank, a Japanese conglomerate company that owns majority stake in home-grown Ola and Uber is mulling consolidation of the two cab-hailing companies in India to cut down on cost.
SoftBank is on a consolidation spree in the business segment all across the globe. In a more recent move, the company invested $2 billion in Ola while in Uber it pumped $1 billion. SoftBank Vision Fund has 26% controlling stake in Ola while in Uber it holds a lesser stake.
The alarming competition among Softbank-backed cab aggregators is being cited as the main reason for such a merger plan which is putting a drain on the company's resources.
In India, the ride-hailing market in India values at around $15 billion of which Ola has 56-70% market share with 9,00,000 cabs operating whereas Uber has just 3,50,000 cabs.
Dara Khosrowshahi, CEO, Uber is quoted saying in one of the leading business dailies, "We'd, of course, look at any deals that can add value to our partners and shareholders, but we believe in controlling our own destiny in India."
"Talks have been on between the senior executives of both the firms (Uber and Ola)," said a person with knowledge on the development. The deal is expected to be closed in a couple of months.
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