China’s Baidu buys controlling share of Brazil’s biggest daily deals site

Chinese tech giant Baidu continued its expansion into South America today with the announcement that it has purchased a controlling share of Brazilian group buying site Peixe Urbano for an undisclosed sum. Baidu has also not disclosed the exact size of its share, and will allow Peixe Urbano’s management team to continue operating with relative autonomy.

Peixe Urbano is Brazil’s first and largest daily deals site. Founded in 2010, the startup has grown into one of Brazil’s most popular websites, boasting more than 20 million registered users. It is currently one of the top 500 websites in Brazil, according to Alexa.

Baidu’s first expansion into Brazil came in 2012 with the launch of a Portuguese version of its Hao123 portal site. Earlier this year, the company also launched a Portuguese version of its search engine there, and Baidu CEO Robin Li has said the company plans to invest US$50 million in Brazil over the next few years.

(Source: Techweb)