Didi Chuxing buys Brazilian ride-hailing firm, 99
The newspapers reported that the Chinese company valued 99 at US$1 billion and bought the stakes held by investment funds Riverwood Capital, Monashees, Qualcomm Ventures, Tiger Global and Softbank.
A spokesperson for 99 said he was not authorized to talk with us but that there could be more news later.
Chinese ride-hailing giant Didi Chuxing has agreed a deal to buy out struggling bike-sharing startup Blugogo, sources close to the matter told Caixin. "Globalisation is a top strategic priority for Didi", founder and CEO Cheng Wei said in a statement announcing the purchase, adding that the company would continue to seek "diversified worldwide operations and partnerships". Other ridesharing companies that Didi has invested in include Grab in Southeast Asia, and Careem in the Middle East.
Didi has made no secret of its desire to expand beyond China, particularly in light of the growing number of Chinese customers who travel overseas.
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The acquisition comes nearly exactly a year after Didi led a $100 million investment in 99, formerly called 99Taxis.
Prior to this, 99 had raised around $240 million from 11 investors, according to Crunchbase.
The investment marks a significant next step in Didi's global strategy. Similar to Uber, Didi Chuxing offers smartphone-based vehicle services, such as carpooling, taxis, and premium cars with drivers. The deal doesn't necessarily crush Uber's operations, but it definitely makes it harder for Uber to grow its user base globally - something it needs to do as it looks to pull out of its 2016 tailspin and start turning a profit.
Cheng Wei, 34, founder and chief executive of Didi, said on Wednesday that "globalisation is a top strategic priority for Didi". Just last month, the company was reported to be prepping an entry into Mexico alongside expansions in its Asian home market, most recently expanding into Taiwan through a franchising model.
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