Chinese ride sharing behemoth Didi Chuxing is setting its sights abroad with a new investment in South America.
The Chinese company reportedly agreed to make a strategic investment in Brazil's largest local shared mobility company 99. No financial details or terms of the deal were released, but Didi will provide strategic technology, product development, operations and business planning, as 99 continues its active expansion across Brazil and the broader Latin American market.
99 offers app-based on-demand private car and taxi-hailing services across 550 cities in Brazil, the world's second fastest-growing internet market.
The company has over 140,000 registered drivers and more than 10 million user downloads. 99 maintains a leading position in Sao Paulo, Rio de Janeiro and other tier-one cities across Brazil.