A Brazilian car-hailing company, 99 raised $100 million from Japan’s SoftBank. On Wednesday the corporation said that it totaled a fund more than $200 million.
the largest application
Starting its journey in 2012, the ride-sharing company became the largest application to request taxi by phone in Brazil. Eventually, 99 is one of the rivals of Uber. As a result, such gigantic fund-raising success hit Uber strategically. Moreover, Uber was flying with colors in Latin American markets.
99 deal hits Uber
When Uber already faces different sorts of legal problems, 99Taxis’ investment deal with SoftBank added fuel to flames. Moreover, 99 has just snagged the moment by raising the fund and it will enable the company to generate cash.
In fact, the situation worsens for Uber when its US arch-enemy, Lyft, made a $600 million deal with KKR & Co.
99 aims to expand its business
However, using fresh funds, the Brazilian company 99 aims to expand its reach in Latin America. The company received investment from the Chinese ride-hailing service provider Didi. Additionally, SoftBank has a large stake in Didi too. Nonetheless, the spokesperson from 99 did not mention anything specifically regarding how much stake SoftBank goes to have in the company.
As just a 5 years old company 99Taxis performs well. The company has already 14 million registered users while it created employment for 200k drivers.