A notice announcing the closure of Uber’s offices
Softbank is the largest investor in both the companies, and is facilitating these talks, the source added.
Ola Cabs now has the lion's share of the Indian market at 56%, whereas Uber sits at a more modest 40%.
The latest consolidation also hints at Uber's probable pull out from other countries including India, where it has been facing a tough time because of Ola.
For the past few months the two companies have engaged in discussions to merge but no formal agreement has been made, sources said. Both parties assert that the deal was driven independently by both companies on their own terms, with Softbank playing a supportive role.
If any consolidation has to happen in the Indian ride-sharing industry, Ola would lead that conversation, he said.
New chief executive Dara Khosrowshahi is working to stemhuge losses and move past a series of scandals that beset Uber under previous CEO Travis Kalanick.
SoftBank declined to comment for this article. The deal also includes a direct investment of $1.25 billion into Uber. The finer details of the deal are still under discussion and will be revealed in coming months. "We have no intention of taking a minority stake in any future merger with global competitors". In October past year, Ola secured $2 billion in new funding from a group of investors including SoftBank and Tencent Holdings Ltd, giving it the upperhand in the $10 billion industry, 90 per cent of which is controlled by Ola and Uber.
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A source close to Uber, on condition of anonymity told DH, "Grab was our last minority deal".
In an interview to, Khosrowshahi said India is already among the top three markets (besides the USA and Latin America), accounting for 10 per cent of its trips globally.
Today, Uber officially announced it will cede its South East Asia business to Grab.
"The situation in India is different (from Southeast Asia)", said Frederic Giron, vice president and research director, of consultancy Forrester.
The talks indicate that home-grown Ola will take over Uber India.
Uber operates in about 30 Indian cities and has more than 35 percent share of the taxi market.
According to various estimates, Ola has 56-70 per cent market share in India.
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