Chinese mobile transportation giant Didi Chuxing partnered with Brazil's largest local shared mobility provider 99 to promote ridesharing, the company announced Thursday.
Under the terms of the partnership, Didi has made a strategic investment in 99, and will assume a seat on the Brazilian firm's board of directors, according to the statement released by Didi.
In addition, Didi will provide strategic guidance and support, spanning technology, product development, operations and business planning, as 99 continues its active expansion across Brazil and the broader Latin American market.
The Brazil mobile transportation giant offers on-demand mobility (ODM) services across 550 cities in Brazil, the world's second fastest-growing Internet market. It has over 140,000 registered drivers and more than 10 million user downloads.
The two companies will share their experiences to explore sustainable technology solutions to support smart-city initiatives, as the two nations work toward a comprehensive strategic partnership.
"We welcome Didi to Latin America, whose financing, state-of-art technology and operational knowledge will play a key supporting role as 99 actively expands our network and services in Brazil and reshapes the competitive landscape in Latin America," said Peter Fernandez, 99 CEO.
"China and Brazil are the world's foremost emerging markets with enormous opportunities for our ridesharing industry," said Cheng Wei, founder and CEO of Didi Chuxing, adding that Didi looked forward to working with more global partners.
