This acquisition is significant for two big reasons:
First, after Didi beat Uber in the Chinese market and acquired their assets, they are now competing in Latin America, Uber’s fastest growing region, in Brazil the 5th largest country in the world.
Second, it’s the first large acquisition by a Chinese technology company in Latin America. In a region where exits have been hard to come by, China’s entry into the market could be a one off event or a mark of things to come. Previous early stage investors Monashees+, Urizen Ventures and StartCap Ventures have another successful investment to showcase in Brazil.
For more in depth reading, check out:
Chinese Investors Target Latin America via VentureBeat