Chinese ride-hailing company Didi invests in Brazilian counterpart

Didi Chuxing, China's largest ride-hailing company, has invested in its Brazilian counterpart 99 in a bid to explore the global market. 
The undisclosed investment is part of a strategic partnership the two companies signed last week, Didi said.
Aside from the investment, Didi will support 99 in areas including technology, product development, operations and business planning to help 99 expand in Brazil and elsewhere in Latin America, Didi said.
The companies will also share operational experience and knowledge such as their data-driven algorithmic capabilities.
Didi, formerly known as Didi Kuaidi, has signed up nearly 400 million users in more than 400 Chinese cities. Last year, it acquired the China operations of its U.S. rival Uber. 
99, previously known as 99Taxis, provides app-based, on-demand private car and taxi-hailing services to more than 140,000 users in 550 cities in Brazil. It is a leading taxi-hailing service provider in major Brazilian cities including Sao Paulo and Rio de Janeiro, according to Didi.