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Didi Chuxing invests in Brazil rival 99

China's largest ride-sharing company, Didi Chuxing, has extended its global reach to Brazil in a bid to become the world's leading mobile transportation player.

Late on Wednesday, the company formerly known as Didi Kuaidi announced a strategic partnership with 99, Brazil's largest ride-hailing service. Didi will invest an undisclosed amount in 99, assume a seat on the firm's board of directors and provide guidance in technology, product development and operations as 99 expands across Latin America, the firms said in a joint statement.

Dwellers of Complexo da Mare, a massive network of favelas that sits alongside the Linha Vermelha (Red Line), the main highway from the Rio de Janeiro international airport to the city center. Since 2010, the community has been fenced off from the highway by huge Perspex panels, authorities claim they provided an acoustic barrier but  locals describe it as a wall of shame, a means of hiding poor people.
Ricardo Funari / Brazil Photos / LightRocket via Getty Images
Dwellers of Complexo da Mare, a massive network of favelas that sits alongside the Linha Vermelha (Red Line), the main highway from the Rio de Janeiro international airport to the city center. Since 2010, the community has been fenced off from the highway by huge Perspex panels, authorities claim they provided an acoustic barrier but locals describe it as a wall of shame, a means of hiding poor people.

The move is seen as part of Didi's ambitions to become an international enterprise; over the past two years, Didi has acquired a stake in every major ride-sharing app.

In 2015, the Beijing-based firm invested $100 million in Lyft and merged the two apps together to better service Chinese consumers stateside. It also participated in a $350 million funding round for Southeast Asia's largest player GrabTaxi and sank an estimated $30 million in India's Ola. By Dec 2015, Lyft, Didi, GrabTaxi and Ola had formed a global rideshare partnership that reached nearly 50 percent of the world's population.

Last year, Didi then acquired rival Uber's business in China with the combined new company worth $35 billion.

An alliance with 99, which boasts over 10 million user downloads, marks Didi's first entry into Latin America. Sharing economy players are increasingly paying attention to Brazil, the world's second fastest-growing internet market, with French start-up BlaBlaCar starting operations there in November.

"China and Brazil are the world's foremost emerging markets with enormous opportunities for our ride-share industry," Didi CEO and founder Cheng Wei said in a statement.

"We look forward to working with more global partners in creating better mobility services for our cities as we reshape the future global transportation system."

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