April 15, 2016 3:10:26 pm
ANI Technologies Private Limited, the promoters of Ola, have denied news reports that that certain investors in Ola were planning to sell their stake to Uber.
“We would like to state that the article, attributed to an ‘unnamed source’ is completely false, misleading, malicious and planted in the said newspaper with the intent of causing harm to the Ola brand and creating confusion among our stakeholders,” said a release from the company, adding that they had repeatedly denied the story.
Board member Avnish Bajaj, Managing Director of Matrix Partners India, one of Ola’s key and early investors, said the report cannot be further from the truth. “No such discussions have taken place and even if we are approached anytime in the future, we have no intentions of selling to Uber. We believe we are pulling away and continue to gain market share over Uber in India. With just one category like Ola Micro alone on its path to becoming larger than Uber, we can only see the momentum continuing to build in the same direction,” he said.
Bajaj said they have seen Uber in India reacting to Ola’s growth with moves not seen elsewhere globally, “be it front page advertising, dramatic fare cuts and rapid and knee jerk changes in categories”. “So one can only surmise that they are worried about their market share declining. We are clearly in the winning horse with Ola and have no doubts about its future.”
Ola said in the release that it “will initiate appropriate legal action and seek redressal and compensation for the damage caused to us by this irresponsible reporting from the newspaper.”
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