Didi Chuxing, the Chinese car-booking group, said on Wednesday that it has acquired 99, the Brazilian app, potentially providing more firepower for a rival to Uber in one of the world’s largest markets.
Beijing-based Didi already owned a minority stake in 99 and the takeover pushes it further beyond its national borders, just weeks after it raised $4bn in new capital to fuel expansion.
A local start-up, 99 has amassed 14m users and 300,000 drivers in Brazil, which, with over 200m inhabitants, is one of the most competitive markets for car-booking apps. Uber has 17m users and 500,000 drivers there, making the country its second largest outside the US.
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