Didi Chuxing buys Brazilian ride-hailing firm, 99

Chinese ride-hailing firm Didi Chuxing is buying 99 Taxis, which operates Brazils leading ride-hailing business, 99, for an undisclosed sum.

The company said the investment builds upon the deep existing partnership between Didi and 99 to further accelerate market growth in Latin America and bring more transportation choices to the regions citizens. The acquisition comes just two weeks after Didi secured $4bn to fund its international expansion.

Didi became a strategic investor in 99 in January 2017. Over the course of the year, 99 and Didi teams collaborated closely in areas ranging from technology, to product innovation, market development and operational management in Brazil.

The investment marks a significant next step in Didi’s global strategy. The company has entered into partnerships with seven major international players, in a network that serves over 1,000 cities and reaches over 60 per cent of the world’s population. It said it will continue to explore flexible options to bring its AI technology and smart transportation solutions to broader communities, and help to create a healthy global mobility ecosystem in a time of profound industry change.

“The success that founders and team of 99 have achieved in Brazil embody the very spirit of entrepreneurship and innovation in the LatAm region,” said Didi Chuxing founder and CEO, Chheng Wei. “Building on the deep trust between our two teams, this new level of integration will bring to the region more convenient, value-added mobility services.”