Economy

In Uber-Didi War, Brazil Is Latest Battlefield

In Uber-Didi War, Brazil Is Latest Battlefield”

Investors included Japanese telecoms giant Softbank and Abu Dhabi's Mubadala Capital, sources close to the matter told AFP at the time.

The two companies signed an agreement on the deal in late December, although the transaction hasn't been completed, sources said.

Didi and Bluegogo didn't respond to Caixin's requests for comment.

Riders are able to unlock a two wheeler with their smartphone, pay a small fee for their trip, and then park the bike essentially anywhere at their destination. The company operated in major domestic cities including Shenzhen, Guangzhou, Nanjing, Chengdu and Beijing, according to company reports, and also expanded overseas to Los Angeles. Some Bluegogo employees were also complaining that they hadn't been paid by the company for several months.

"The investment builds upon the deep existing partnership between DiDi and 99 to further accelerate market growth in Latin America and bring more transportation choices to the region's citizens", the company said. Didi said it has now entered into partnerships with seven "major global players" serving more than 1,000 cities worldwide, including Southeast Asia's Grab, India's Ola, US- based Lyft, and Europe's Taxify. To date, Didi is a large investor in Southeast Asia's GrabTaxi Holdings Pte. DiDi services include taxi hailing, private auto hailing, Hitch (social ride-sharing), DiDi Chauffeur, DiDi Bus, DiDi vehicle Rental, DiDi Enterprise Solutions, DiDi Minibus, DiDi Luxe and bike-sharing to users in China via a smartphone application.

At this point, with a massive war chest of cash at hand - it has raised $20 billion to date - it would not be hard for Didi to easily snap up one or more of the aforementioned companies, in short order converting it from Uber's largest rival in terms of market capitalization to its largest rival on roads across the globe as well.

However, the merger plan led by Didi and Tencent has stalled due to opposition from both companies' management teams.

Didi a year ago became Asia's most valuable start-up company.

Bluegogo was once the third most popular bike-sharing brand in China.



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