A PYMNTS Company

Brazil: Uber rival 99 secures $100Mn from SoftBank

By  |  May 25, 2017

Brazil-based 99 has raised a whopping $100 million from SoftBank in funding, just a few months after raising the same amount from Didi Chuxing in January. This investment round, considered as an extension of the previous round, is now closed for over $200 million.

With the freshly raised funds, 99 will focus on expanding its peer-to-peer ride-sharing platform, 99POP, across Latin America. Founded in 2012, the platform claims to have about 200,000 drivers and 14 million registered users. David Thévenon, Managing Director at SoftBank, said.

The total funding secured by the firm is about $225 million till date. The support of both, SoftBank and Didi, might prove to be difficult for Uber to expand across Latin America. Didi Chuxing dominates China’s ridesharing market and has received investment from SoftBank. It had invested in 99 along with Riverwood in the funding round. This will give a boost to its plans to strengthen its presence globally.

Full Content: Business Insider

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.