June 28, 2017

SoftBank adds Brazil’s 99 to its ridesharing portfolio with a $100 million investment



SOFTBANK CORP.; Tokyo Shiodome Bdg.
[GFDL, CC-BY-SA-3.0, CC BY-SA 2.1 jp or CC BY-SA 2.5], via Wikimedia Commons

SoftBank, known for investing in ridesharing apps that aren’t Uber , has added another startup to its list. This time it’s a $100 million bet on 99 , the largest ridesharing company in Brazil.

99 says this is an extension of a round for upwards of $100 million that it raised in January from Didi Chuxing , China’s biggest ridesharing app (and itself a SoftBank investment), and Riverwood. Softbank’s investment doubles its total to more than $200 million and also brings 99 deeper into an informal international alliance of ridesharing apps backed by SoftBank . In addition to Didi Chuxing, these include all of Uber’s major regional rivals: Lyft, India’s Ola, and Southeast Asia’s Grab.

For both SoftBank and Didi Chuxing, investing in 99 is a major step in deepening their presence around the world. Their support of 99 also makes Uber’s Latin American growth plans more complicated and represents another way that SoftBank and Didi Chuxing has thrown a wrench in their rival’s international strategy (after struggling to compete, Uber sold its China business to Didi Chuxing last year ). Brazil is the world’s fifth-largest country with more than 200 million people and an emerging economy that, despite its current […]

From Around The Web

Sponsored Content by AdNow
loading...
About NGE Staff 9118 Articles
The News for the Gig Economy Staff is constantly searching the web for the latest news regarding freelancing and gig platforms to bring them to you in one handy place. All articles with this generic author have been sourced with the original location at the bottom of the piece. We encourage our readers to view the original source of all excerpts. NGE is a project of ARC Online, LLC.

Be the first to comment

Leave a Reply

Your email address will not be published.


*