SoftBank, known for investing in ridesharing apps that aren’t Uber, has introduced some other startup to its record. This time it’s a $ 100 million wager on ninety nine, the largest ridesharing firm in Brazil.
99 says that is an extension of a spherical for upwards of $ one hundred million that it raised in January from Didi Chuxing, China’s greatest ridesharing app (and itself a SoftBank funding), and Riverwood. Softbank’s funding doubles its complete to greater than $ 200 million and in addition brings 99 deeper into a casual global alliance of ridesharing apps backed by means of SoftBank. in addition to Didi Chuxing, these include all of Uber’s main regional opponents: Lyft, India’s Ola, and Southeast Asia’s take hold of.
For both SoftBank and Didi Chuxing, investing in 99 is a big step in deepening their presence all over the world. Their make stronger of 99 also makes Uber’s Latin American increase plans more complicated and represents otherwise that SoftBank and Didi Chuxing has thrown a wrench of their rival’s global technique (after struggling to compete, Uber bought its China trade to Didi Chuxing closing year). Brazil is the sector’s fifth-biggest united states with more than 200 million individuals and an rising economy that, regardless of its current political unrest, remains an exquisite goal for buyers.
99’s total funding to this point is $ 225 million. Its different traders include Monashees, Qualcomm Ventures, and Tiger world.
Its new funding from SoftBank will probably be spent on expanding its peer-to-peer ridesharing carrier, called 99POP, to extra countries in Latin america. the company used to be founded in 2012 and at present claims greater than 200,000 drivers and 14 million registered customers on its platform.
In a ready observation, David Thévenon, managing director at SoftBank, said “We see robust growth and an excellent outlook for the mobility solutions sector in Latin the usa. The 99 group has made spectacular progress in Brazil, now operating in additional than 400 cities and bringing sure adjustments to thousands and thousands of customers.”
Featured image: Hiroshi Higuchi/Getty pictures
Fundings & Exits – TechCrunch