Uber's biggest rival just got bigger
Uber's new year isn't off to a great start.
One of the company's biggest competitors, China's Didi Chuxing, is buying another ride-hailing company from Brazil, 99.
The deal is set to make Didi even bigger and pits its services against Uber in yet another country. That's not something Uber needs as it tries to get back on track after a rough 2016.
China's Didi Chuxing confirmed the acquisition on Wednesday this morning. It was first reported by TechCrunch.
"The success that founders and team of 99 have achieved in Brazil embody the very spirit of entrepreneurship and innovation in the LatAm region. Building on the deep trust between our two teams, this new level of integration will bring to the region more convenient, value-added mobility services," Chen Wei, founder and CEO of Didi, said in a statement. Read more...
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