Didi Chuxing, the ride-sharing giant from China has bought a controlling stake in 99, the leading ride-sharing app in Brazil. According to a new report from Reuters, they cite a report from Valor Economico, stating that the deal values 99 at $1 billion. Previously, Didi already had a Minotaur stake in the startup where they invested $100 million over a year ago.
“Globalization is a top strategic priority for Didi,” Cheng Wei, founder and CEO of Didi, said in a statement. “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 international operations and partnerships.”
Didi plans to expand its operations to Mexico in 2018, so this move to buy a majority stake in 99 makes the most logical move. The company continues to intensify its global rivalry with Uber. Speaking of Uber, Softbank succeeded in its bid to acquire a large chunk of Uber at a discounted valuation of $48 billion, which makes Didi’s valuation of $56 billion as the world’s most valuable startup.