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![China's Baidu says in talks to invest in Indian companies including Zomato, BookMyShow, Big Basket [Xinhua]](http://thebricspost.com/wp-content/uploads/2016/01/baidu.jpg)
China’s Baidu says in talks to invest in Indian companies including Zomato, BookMyShow, Big Basket [Xinhua]
“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,” Tim Yang, head of Baidu in India said in an interview to Indian daily Times of India.
The Chinese giant is looking to buy “strategic stakes” in Indian startups such as restaurant search service provider Zomato, online movie and event tickets seller Bookmyshow and food retailer Big Basket.
“While valuations in India appear to be a little high, we will look at picking up strategic stakes. In terms of investments, there are no limitations,” Yang added.
According to Bloomberg data, during the past two years, Baidu spent almost $1 billion on more than 20 investments, including Uber Technologies Inc., travel website Qunar and video-streaming service iQiyi.
“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,” Yang said in New Delhi.
Mobile phones are the main internet access point in rural areas of India and by June 2016, it is expected that there will be 371 million mobile internet users in the country.
Baidu currently dominates the advertising search market in China and commands an 80 per cent share in this market.
TBP and Agencies
