Didi Chuxing is stepping up globally, buys control of 99, Brazil’s leading ride-hail app

Didi Chuxing is stepping up globally, buys control of 99, Brazil’s leading ride-hail app

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.

Hamza Khalid

Hamza Khalid is the Lead Editor at The Jolt Journal. You're more than welcome to follow him on Twitter and follow The Jolt Journal on Twitter and Facebook. If you have any questions, concerns, or need to report something in this article, please send our team an email at [email protected]. This story may be updated at any time if new information surfaces.

At The Jolt Journal, no one tells us what to write or how to write it. This is why, in the era of lies and bias, readers turn to an independent source. Rest assured, all information on our website is free of any bias or influence. If you see anything wrong with a story, please don't hesitate to reach out. We do our very best to report on the latest available information.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.