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Core Viewpoint - Didi is re-entering the Brazilian food delivery market with its "99Food" brand, aiming to compete with the dominant player iFood and leverage its existing services in transportation and payment to enhance its platform capabilities in Latin America [1][2][6]. Group 1: Business Resumption - Didi's initial entry into Brazil began in 2018 with the acquisition of the local ride-hailing platform 99, and it launched the "99Food" delivery service in 2019, capturing only 5% market share within a year [2][4]. - Despite setbacks in the food delivery sector, Didi has built a substantial user base in Brazil, with 50 million active users and around 700,000 active riders, covering over 3,300 towns [2][4]. Group 2: Market Dynamics - The Brazilian food delivery market is characterized by a significant share held by iFood, which commands approximately 80% of the market, and has previously pressured merchants into exclusive agreements [2][5]. - Recent labor strikes by delivery workers in Brazil highlight the demand for more equitable employment conditions and suggest a consumer desire for increased competition in the food delivery space [5][6]. Group 3: Market Potential - Brazil, with a population exceeding 200 million and a GDP of $2.4 trillion, is one of the fastest-growing markets for food delivery globally, projected to grow by 23% year-on-year in 2024 [6][9]. - There remains untapped demand in second- and third-tier cities, presenting an opportunity for Didi to expand its services through "99Food" [6][9]. Group 4: International Strategy - Didi's re-entry into the Brazilian market reflects its broader international strategy, aiming to create a comprehensive lifestyle service platform by integrating transportation, food delivery, and financial services [7][9]. - The company has successfully implemented similar strategies in Mexico and Colombia, establishing itself as a key player in those markets [7][9]. Group 5: Financial Performance - Didi's international business has shown significant growth, with total orders reaching 3.613 billion in 2024, a year-on-year increase of 35.8%, and a gross transaction value (GTV) of 91.3 billion yuan, reflecting a 34.8% growth [9]. - The Latin American markets, particularly Brazil and Mexico, are becoming crucial growth engines for Didi's international operations [9].