Didi Chuxing's reported $600m acquisition of a majority stake in its Brazilian counterpart indicates a new level to its expansion plans.
On-demand ride service Didi Chuxing took a big step forward in meeting its global ambitions last week by paying a reported $600m for a majority stake in Brazil-based ride hailing platform 99.
99 was founded in 2012 as 99taxi and has accumulated 14 million users spanning more than 500 Brazilian towns and cities. Its biggest competition is US-headquartered Uber, which has roughly the same number of users spread across fewer cities, but Cabify and Easy Taxi are also notable participants…
