Didi Chuxing buys Brazil’s 99 ride hailing service

Brazilian app-based ride hailing company 99 - formerly known as 99 Taxis - has confirmed the sale of its operations to Chinese ride hailing giant Didi Chuxing, Brazilian news service O Globo reported.

Besides acquiring stakes of 99 owned by investment funds Riverwood Capital, Monashees, Qualcomm Ventures, Tiger Global, and Japan’s Softbank for approximately US$600mn, the deal involves the injection of additional US$300mn in funds into 99 which, according to local daily Valor Econômico, gives the company a value of some US$1bn.

Although some assets are still owned by 99 executives, the controlling share is in the hands of the Chinese firm.

Photo: O Globo