Didi invests in Brazil's 99
Didi Chuxing, China's largest ride-hailing company, has invested in its Brazilian counterpart 99 in a bid to explore the global market. The investment is part of a strategic partnership the two companies signed last week, Didi said.
As reported by Automotive News China, along with the investment, Didi will support 99 in areas including technology, product development, operations and business planning, to help 99 expand in Brazil and elsewhere in Latin America, Didi said.
Didi, formerly known as Didi Kuaidi, has signed up nearly 400 million users in more than 400 Chinese cities. Last year, it acquired the China operations of its U.S. rival Uber. 99, previously known as 99Taxis, provides app-based, on-demand private car and taxi-hailing services to more than 140,000 users in 550 cities in Brazil, the website goes on to say. It is a leading taxi-hailing service provider in major Brazilian cities including Sao Paulo and Rio de Janeiro, according to Didi.
(Image: Fortune) | 10/01/2017 | Tim Harrup