Didi Chuxing buys control of 99, Brazil's leading ride-hail app

Didi Chuxing, the ride-sharing giant of China and likely the most valuable startup in the world, just bought a controlling stake in 99, a leading ride-sharing app in Brazil. Didi already had a minority stake in the startup, having invested $100 million over a year ago. "Globalization is a top strategic priority for Didi," Cheng Wei, founder and CEO of Didi, said in a statement. "With enhanced investments in AI capabilities and smart transportation solutions, we will continue to advance the transformation of global transportation and automotive industries through diversified international operations and partnerships." The news follows the announcement that Didi plans to expand into Mexico in 2018, intensifying its global rivalry with Uber.