China-based on-demand ride hailing service Didi Chuxing acquired 90% of its Brazilian counterpart 99
China-headquartered ride provider Didi Chuxing now owns a majority stake in its Brazil-based portfolio company 99, after having paid $600m for it during the first week of the new year. According to sources, cited by the New York Times, Didi Chuxing had previously owned 30% of 99. Didi had led a $100m round raised by 99 exactly a year ago. This move is, undoubtedly, part of its aggressive international expansion in competition with its US-based counterpart Uber. Didi Chuxing…
