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Acquisition of Brazilian 99 by Chinese Company Puts an End to Uber's Hegemony
01/10/2018 - 10h51
FROM SÃO PAULO
The acquisition of Brazilian company 99 by the Chinese Didi Chuxing shows that Uber's ride-hailing market hegemony has come to an end, according to Daniel Bedoya, 28, country manager of the Spanish company Cabify, in Brazil.
"This shows the end of the hegemony of a large player, Uber. The market strongly favored Uber. After last year, it became clear that the market would also be shared by other companies", he said.
The price paid by Didi was not revealed, but 99's value was estimated at more than US$ 1 billion.
Cabify seeks to be a third option in the imminent dispute between the two giants.
In an interview at Cabify's office, Bedoya states the mobility sector needs more options in addition to cheap rides offered by rivals.
He hopes Cabify maintains its market share by serving a niche seeking more quality and safety. The company intends to accomplish that without waging a price war, similar to what happened in 2017.
Cabify joined the Brazilian company Easy, a player in the taxi market, in 2017. According to Bedoya, this is a growing market segment, now that people overcame their aversion to taxis after the first years of Uber.
Translated by ANA BEATRIZ DEMARIA
|Daniel Bedoya, 28, country manager of the Spanish company Cabify in Brazil|