Didi Chuxing has agreed to acquire control of Brazil’s 99

January 4, 2018
Didi Chuxing 99 LAVCA Venture Investors

Didi Chuxing plans to acquire a majority stake in Brazilian rideshare startup 99 for ~US$600m. This officially puts 99 in unicorn territory. Didi and Riverwood Capital invested over US$100m in 99 in 2016. Other investors include SoftBank, monashees+, Qualcomm Ventures, and Tiger Global. The deal is one of Didi’s first acquisitions outside of China. 99 operates in 550 cities in Brazil, with over 160k drivers and 20m users.

(WSJ) BEIJING—China’s dominant ride-hailing company has kicked off the new year with a challenge to Uber Technologies Inc. in Latin America by taking over a top Brazilian startup.

Didi Chuxing Technology Co., which recently added to its war chest with $4 billion in venture-capital funding, said Thursday it would buy ride-hailing service 99. The price wasn’t disclosed, but a person familiar with the matter put it at about $600 million for a majority stake. Didi had invested an undisclosed amount in the Brazilian company a year ago….

Read more at WSJ.

0
Facebook Twitter Google +

Submit VC News

Have private equity or venture capital related news that you would like to share? Submit your press releases and news to news@lavca.org.

Sector Tags

agribusiness AgTech Artificial Intelligence B2B Big Data biotech Cloud Computing Consumer/Retail delivery Digital Media & Entertainment Digital Security e-commerce ecommerce EdTech Education Energy Financial Services fintech Healthcare Healthtech Hospitality Human Resources Impact Impact Investing Infrastructure IoT IT Logistics & Distribution logistics and distribution Marketplaces Mobile Private Capital Private Equity Proptech Real Assets Real Estate Renewable Energy SaaS Software Startup startups Technology Telecommunications Transportation venture capital

Geography Tags

Alquilando Argentina Argentine Austria Belize Bolivia Brasil Brazil Canada Canary Caribbean Central America Chile Colombia Costa Rica Dominican Republic Ecuador El Salvador Guatemala Honduras India International INTL Israel Jamaica Japan Kenya LatAm Latin America Mexico Miami Nicaragua Pan-Regional Panama Paraguay Peru Portugal Puerto Rico South Korea Spain United States Uruguay US USA Venezuela
LatAm Venture Bulletin

LatAm Venture Bulletin

The LatAm Venture Bulletin is a must-read roundup of startup deals and news on emerging technologies in Latin America, delivered to over 6,000+ investors, entrepreneurs, and corporates bi-weekly.
Asset Class *

Tweets

Keep in touch

Twitter Linkedin Youtube