Didi invests in Brazil鈥檚 ride-hailing platform 99
Print Edition
DIDI Chuxing has invested an unspecified amount in Brazil’s mobile transport platform 99 as the Chinese firm continues to grow globally to challenge Uber’s foothold.
Didi will provide strategic guidance and support in technology, product development, operations and business planning for 99, said a joint e-mail statement yesterday. Didi will also appoint one member of its management team to 99’s board of directors.
“China and Brazil are the world’s foremost emerging markets with enormous opportunities for our rideshare industry and Didi will share capabilities and products to build a collaborative framework for innovation,” Didi founder and CEO Cheng Wei said.
Peter Fernandez, CEO of 99. said that “Didi’s financing, state-of-art technology and operations knowledge will play a key supporting role as 99 actively expands our network and services in Brazil and reshapes the competitive landscape in Latin America.”
The Brazilian platform reportedly raised over US$100 million in its latest funding round last year, Brazilian media quoted a source close to the deal as saying. It raised US$25 million from six investors in a series B funding, according to online database Crunchbase.
Didi has invested in several other firms including Grab, Lyft and Ola to form alliances in a number of regions to fend off global competitors.
It acquired Uber’s China business unit last August, eliminating a strong rival in one of the fastest growing mobile Internet markets.
The platform claims to be the market leader over Uber in Sao Paulo and Rio de Janeiro, with 140,000 registered drivers and operates in 550 cities in Brazil.
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