The Brazilian startup has big plans for its new capital.
Didi Chuxing, the largest ride-sharing company in China, has made a $100 million investment into Brazil-based taxi aggregator 99.
Uber’s Brazilian competitor, formally known as 99Taxis, plans to use the new capital to enhance product and technology development, as well as its operations and business planning, Tech Portal reports. The company also plans to expand its services in both Brazil and other Latin American countries—eventually doubling its presence in the region later this year.
Didi Chuxing’s investment secures executives a seat on the startup’s board of directors, according to Tech Portal.
Prior to its recent capital infusion, the Brazilian ride-hailing service has raised more than $25 million in three rounds of funding—all thanks to investments made by Qualcomm Global, Qualcomm Venture, Tiger Global Management, and StartCaps Ventures, among others. Cab aggregation, notes Tech Portal, is a currently a hot market—with the most competition among companies operating under the same.