All you need to know about Brazil's first tech unicorn

All you need to know about Brazil's first tech unicorn

Chamber Articles Category: Industry News Post Date: 01/08/18 Source: ZDNet By: Angelica Mari
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Chinese mobility firm Didi Chuxing has acquired the majority of Brazilian ride-hailing company 99, placing it on the list of global tech unicorns.

The announcement of the acquisition last Wednesday follows the acquisition of a minority stake in 99 by Didi a year ago.

The purchase of the majority stake by Didi in 99 encompassed shares in the company previously owned by other investors including Riverwood Capital, Qualcomm Ventures, Tiger Global, Monashees and Softbank.

"This investment consolidates a deep partnership between Didi and 99 to accelerate even further the app-based ride market in Latin America, ensuring more transport options to users," the companies said in a statement.

Didi's latest investment gives the Brazilian startup unicorn status, as a deal values 99 at $1 billion, according to several local reports. Read Full Article