99 - Comprehensive Analysis Report

Summary

99, formerly known as 99Taxis, is a leading Brazilian urban mobility and convenience platform. Founded in 2012, it rapidly evolved from a taxi-hailing service to offer a comprehensive suite of transportation and related services across approximately 500 Brazilian cities. Acquired by DiDi Chuxing in January 2018, 99 became Brazil's first "unicorn" startup, valued at over $1 billion. Its core mission is to provide accessible, rapid, and secure transportation for passengers, while simultaneously utilizing technology to enhance profitability and ease for its partner drivers. The company is a significant player in the Latin American market and is committed to sustainable mobility solutions, including an ambitious goal for an electrified fleet in the coming years.

1. Strategic Focus & Objectives

Core Objectives

99's main business objectives revolve around delivering comprehensive urban mobility and convenience solutions throughout Brazil. Key goals include continuously improving existing services for both passengers and drivers, leveraging DiDi's global technological expertise to meet specific local market demands in Brazil, and fostering sustainable mobility within the transportation sector.

Specialization Areas

The company specializes in a diverse range of urban mobility services, including various ride-hailing options, corporate transport solutions, and food delivery. Additionally, 99 offers digital payment solutions integrated into its platform. Its unique value proposition lies in adapting advanced global technology to specific local needs, providing a broad ecosystem of urban convenience.

Target Markets

99 primarily targets the vast urban populations across Brazil, operating in approximately 500 cities. Its market positioning strategy focuses on offering affordable, swift, and secure options to a broad spectrum of users, from daily commuters needing standard ride-hailing to businesses requiring corporate transport, and individuals seeking convenience through food delivery and digital payments.

2. Financial Overview

Funding History

99 raised a total of $380 million in funding across 5 rounds.
January 2017: Received an initial investment from DiDi Chuxing. This strategic investment signaled confidence from a global leader in the urban mobility sector.
May 2017: Secured a $100 million funding round led by SoftBank, with participation from other investors including Tiger Global Management. This capital was crucial for expanding its service offerings and market reach.
January 2018: Acquired by DiDi Chuxing for an undisclosed amount, rumored to be around $600 million. This acquisition solidified 99's status as Brazil's first technology unicorn, with a valuation exceeding $1 billion, and integrated it into one of the world's largest mobility platforms. The funds from previous rounds and the acquisition itself supported significant growth and platform development.
April 2025: Announced plans to invest BRL 1 billion (approximately $200 million) in Brazil. This investment is earmarked for the expansion of its service platform, with a particular focus on enhancing its 99Food delivery service, indicating continued growth ambitions and utilization of capital for market penetration and diversification.

3. Product Pipeline

Key Products/Services

99 offers a comprehensive suite of urban mobility and convenience services:
99Pop: A popular ride-hailing service connecting passengers with private drivers. It is a core offering for everyday urban transport.
99Táxi: The original taxi-hailing service, allowing users to request traditional taxis through the app.
99Táxi TOP: An enhanced taxi service, likely offering premium taxis or higher-rated drivers.
99 Comfort: A ride-hailing option designed for increased passenger comfort, potentially involving newer vehicles or specific amenities.
99Moto: A motorcycle taxi service, providing a quicker and often more affordable option for individual transport in urban areas.
99electric-Pro: An eco-friendly ride-hailing service utilizing electric vehicles, aligning with the company's sustainability goals.
99Empresas: A corporate transport solution tailored for businesses, offering managed rides for employees and clients.
99Food: A food delivery platform, expanding 99's convenience offerings beyond transportation to meal delivery services.
99Pay: A digital payment solution integrated within the 99 ecosystem, enabling users to manage payments for various services on the platform and potentially offering other financial functionalities.

4. Technology & Innovation

Technology Stack

99 leverages its parent company DiDi's extensive global expertise in advanced technologies. Its core platforms are built upon state-of-the-art artificial intelligence (AI) and data analytics. These technologies drive operational efficiency, optimize routing, and personalize user experiences. The company is actively involved in proprietary developments aimed at enhancing service delivery and user safety.
Scientific Methodologies: Implements data-driven approaches for market analysis, service optimization, and predictive modeling for demand and supply.
Technical Capabilities: Focuses heavily on safety innovations, with planned investments in developing and deploying advanced facial recognition technology for driver and passenger verification, and AI-powered route monitoring systems to actively track trip safety and respond to potential issues. These technical capabilities underscore a commitment to user security and operational excellence.

5. Leadership & Management

Executive Team

Tony Qiu: CEO.
Renato Freitas: Co-founder. An entrepreneur and angel investor, also known for founding Yellow and Ebah.
Ariel Lambrecht: Co-founder. Also a co-founder of Yellow.
Paulo Veras: Co-founder.
Thiago Sorensen Gallardo: General Manager for 99's passenger transport and 99Food operations. Appointed in early 2024.
Thiago Hipolito: Director for Innovation.
Livia Pozzi: Chief Operating Officer (COO).
Leonardo Japur: Director of Driver Operations.

Recent Leadership Changes

In early 2024, Thiago Sorensen Gallardo was appointed as the General Manager for 99's passenger transport and 99Food operations. Prior to this, Peter Fernandez served as CEO and was instrumental in orchestrating 99's acquisition by DiDi Chuxing, a move that established 99 as Brazil's first technology unicorn.

6. Talent and Growth Indicators

Hiring Trends and Workforce

99 maintains a significant workforce, with approximately 6,708 employees, reflecting its extensive operations across Brazil. The company consistently demonstrates strong growth indicators through active recruitment across various functions. Current hiring trends show an emphasis on expanding teams in crucial areas such as customer experience, operations, marketing, finance, and human resources. Recruitment efforts span all career levels, from internships to director roles, indicating a robust organizational structure and continuous demand for diverse talent to support its expanding service platform. Career opportunities are frequently listed on its parent company's global careers website, showcasing integration within DiDi's international talent management framework.

7. Social Media Presence and Engagement

Digital Footprint

99 maintains an active and strategic digital footprint across major social media platforms, facilitating direct engagement with its extensive user base, partner drivers, and the broader community. These platforms are integral to its communication strategy, used for disseminating company news, providing service updates, and reinforcing brand messaging.
X (formerly Twitter): https://twitter.com/99app
Facebook: https://www.facebook.com/99app/
LinkedIn: https://www.linkedin.com/company/99app/
Through these channels, 99 fosters community engagement and positions itself as a thought leader in the urban mobility sector, sharing initiatives and interacting with stakeholders.

8. Recognition and Awards

Industry Recognition

99 has achieved significant industry recognition, most notably becoming Brazil's first "unicorn" startup in January 2018 when its valuation surpassed $1 billion following its acquisition by DiDi Chuxing. This milestone highlights its pioneering status and success in the Brazilian technology and urban mobility sectors. Its acquisition by a global leader like DiDi Chuxing also serves as an endorsement of its operational strength and market potential.

9. Competitive Analysis

Major Competitors

The urban mobility market in Brazil is highly competitive, with 99 contending with several significant players.
Uber: A global leader in ride-hailing services, Uber is a primary competitor with a substantial presence and market share in Brazil, which is its second-largest market outside the United States. Uber offers various ride options, food delivery (Uber Eats), and other services, constantly innovating to attract and retain users and drivers.
Ubiz Technology: A local player that contributes to the competitive landscape, potentially offering localized services or targeting specific market niches within Brazil's ride-hailing sector.
The intense rivalry in this market drives continuous innovation and strategic initiatives from all participants to attract and retain both passengers and drivers through pricing, service quality, and technological enhancements.

10. Market Analysis

Market Overview

The online taxi and ride-hailing market is experiencing substantial growth globally, with Brazil standing out as one of its largest and most dynamic segments. In 2024, the global market size was estimated at $278.65 billion, with projections indicating a rise to $432.56 billion by 2029, reflecting a Compound Annual Growth Rate (CAGR) of 9.01%. Brazil, in particular, represents a crucial battleground for ride-hailing services, notably being Uber's second-largest market outside the United States. This robust market environment fosters intense competition and innovation as companies strive to meet the evolving demands of consumers for convenient, safe, and efficient transportation solutions. Key market trends include increasing digitalization, a growing preference for on-demand services, and a rising focus on sustainable and electric mobility options.

11. Strategic Partnerships

99 benefits significantly from its strategic affiliation as a key subsidiary of DiDi Chuxing, which is the world's largest platform for transportation and convenience by application. This partnership provides 99 with extensive global expertise, technological resources, and a strong backing for its operations and expansion.

Furthermore, 99 is a leading force in the "Alliance for Sustainable Mobility" in Brazil. This collaborative initiative brings together 10 other companies, including:
Banco BV: A financial institution that likely supports financing solutions related to sustainable mobility, such as electric vehicle purchases.
BYD (Chinese automaker): A global leader in electric vehicles, contributing expertise and vehicles to the alliance's electrification goals.
Caoa Chery (Chinese automaker): Another automotive partner involved in developing and deploying electric vehicle solutions.
Movida (car-rental firm): Provides car rental services, potentially integrating electric vehicles into its fleet through the alliance.
* Raizen (energy group): A major energy company that plays a crucial role in developing charging infrastructure and supplying renewable energy for electric vehicles.
This alliance is strategically focused on advancing sustainable transportation solutions in Brazil, with a particular emphasis on accelerating the adoption of electric vehicles.

12. Operational Insights

99's operational strategy has evolved significantly from its origins as a taxi-hailing service. It now embraces a multifaceted approach that includes diverse ride-sharing options like 99Pop and 99 TOP, specialized services such as 99Moto (motorcycle taxi), and forward-looking eco-friendly options like 99electric-Pro. The company places a paramount emphasis on driver and passenger safety, actively investing substantial resources—including a planned $50 million by 2025—into robust safety measures. These include advanced facial recognition technology for authentication and AI-powered route monitoring systems that provide real-time oversight and intervention capabilities. 99 has consistently demonstrated an assertive stance in expanding its service offerings, exemplified by the launch of 99Moto in São Paulo. This initiative proceeded despite challenging local regulatory hurdles, underscoring 99's commitment to innovation, market expansion, and addressing evolving consumer needs, even when faced with operational complexities.

13. Future Outlook

Strategic Roadmap

99 is committed to a strategic roadmap centered on continuous expansion and innovation within the Brazilian urban mobility sector. A significant planned initiative includes an investment of BRL 1 billion to further develop its overall service platform, with a specific focus on growing its 99Food delivery service, indicating a push for diversification and increased market share in the convenience segment. A major future direction involves accelerating the adoption of electric vehicles, which forms a core component of its sustainability strategy. The company has set ambitious targets: to have 10,000 electric cars on its platform by 2025 and to achieve a 100% electrified fleet by 2030. Despite facing existing and potential regulatory challenges, particularly across new service categories like motorcycle taxis, 99 remains dedicated to pushing the boundaries of urban transportation. This forward-looking approach aims to meet evolving consumer demands, reinforce its market leadership, and contribute to a more sustainable urban environment in Brazil.