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Didi Chuxing buys control of 99, Brazil’s leading ride-hail app

Didi Chuxing, the ride-sharing giant of China and likely the most valuable startup in the world, just bought a controlling stake in 99, a leading ride-sharing app in Brazil.

According to Reuters (citing a repot in Valor Economico, a leading financial newspaper in Brazil), the deal values 99 at $1 billion. Didi already had a minority stake in the startup, having 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…

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Andrew J. Hawkins
https://www.theverge.com/2018/1/3/16846118/didi-chuxing-99-brazil-acquire-ride-share

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