Chinese ride-hailing giant Didi Chuxing is in talks to buy a majority stake in Brazilian ride hailing app 99, according to a person familiar with the talks. If the deal is completed, it would threaten Uber, which now dominates the Brazilian market.
It could also accelerate a broader reorganization in the global ride-sharing sector pursued by Didi and SoftBank, the Japanese investment giant which is a major Didi shareholder. SoftBank participated in a new $4 billion fundraising round announced by Didi on Thursday in China, according to a person familiar with the funding. Didi, the world’s second most valuable startup after Uber, was valued at more than $56 billion in the latest round.
