China-based internet company Baidu is lining up investments in three India-based online services companies, Tim Yang, general manager of Baidu India, told the Times of India on Tuesday.
The companies Baidu is targeting are Zomato, the restaurant listings platform valued at about $900m as of September 2015; online entertainment ticket retailer Bookmyshow, which has raised more than $40m in funding so far; and Big Basket, the online grocer that is reportedly seeking $150m in funding.
Baidu is a fairly active strategic investor but apart from its $600m investment in US-based Uber, the company’s venture deals have generally been directed to its home country.
However, the firm believes India represents the next big internet and e-commerce growth space and it is expanding its MoboMarket app store into the country, with versions in Hindi, Bengali, Tamil, Marathi, Telugu and Urdu soon to be accessible.
Yang told TOI: “India has a large base of internet users and this is moving up rapidly. Baidu sees the country as a strategic market, and we will have a big focus here.
“We are looking at opportunities across a number of sectors here, and these could be to buy, merge or invest. We are in discussions with companies which include Zomato, Bookmyshow and Big Basket.”
The GM added that, while valuations in India are “a little high” Baidu will look to acquire strategic stakes and that there are “no limitations” in terms of investments.