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China’s homegrown ride-hailig startup Didi Chuxing has invested in Brazil’s ride-sharing service 99 (formerly 99Taxis), the companies announced on January 5. As part of the more than USD 100 million round of which Didi is the lead investor, a Didi executive will join 99’s board of directors. The companies didn’t disclose how much Didi specifically had invested or at what ownership stake.
The investment comes as Uber’s hold on the ride-hail market in Latin America grows stronger. As of August 2015, Brazil was its fastest growing in Latin America. Didi invested in India’s Ola, US-based Lyft and Southeast Asia’s Grab in 2015. |
