Economy

Didi Chuxing buys Brazilian mobile phone application 99

Didi Chuxing buys Brazilian mobile phone application 99

In January 2017, the company scored a $100 million investment from Didi, and in March secured an additional $100 million from Japan's SoftBank.

BEIJING-China's dominant ride-hailing company has kicked off the new year with a challenge to Uber Technologies Inc.in Latin America by taking over a top Brazilian startup.

Didi did not disclose the terms of the cash deal. The acquisition comes just two weeks after Didi secured $4bn to fund its global expansion.

Didi Chuxing was born of a merger between local rivals Didi Dache and Kuaidi Dache in 2015.

Regional expansion beyond Brazil has always been on the cards for 99. It also shows that Didi wants to lead consolidation and is prepared to spar with Uber even though they will soon share SoftBank Group as a major shareholder.

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The statement from Didi called the 99 Taxis acquisition a "significant step next step of Didi's global strategy".

Didi Chuxing and Uber may be getting more financially entangled, but their rivalry continues to deepen.

"China and Brazil are the world's foremost emerging markets with enormous opportunities for our rideshare industry", Didi CEO Cheng Wei said at the time.

After Uber sold its Chinese business to Didi in exchange for about a 17.5 per cent stake in the Chinese company in August 2016, it looked like the era of fierce competition and massive losses might end. "With enhanced investments in AI capabilities and smart transportation solutions, we will continue to advance the transformation of global transportation and automotive industries through diversified worldwide operations and partnerships".

"The success that founders and team of 99 have achieved in Brazil embody the very spirit of entrepreneurship and innovation in the LatAm region". "Building on the deep trust between our two teams, this new level of integration will bring to the region more convenient, value-added mobility services".


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