China’s second-largest short video app Kuaishou plans to invest USD1 billion in South America and Southeast Asia this year as the company seeks new growth outside its home market.

Detail: Kuaishou has prepared a budget of one billion dollars to grow its overseas user base this year, the company will invest at least USD100 million in Brazil, Chinese media outlet Latepost reported on Tuesday.

Current users of Kwai, international version of Kuaishou, are rewarded six dollars for inviting people to register a new account. Kuaishou aims to grow its daily active users to 100 million by the end of year, enabling it to catch up rival TikTok in Brazil and Indonesia.

As the end of first quarter, Kuaishou’s has more than 500 million daily active users, according to the company’s earning report released last month. In Brazil, Kwai had amassed more than 23 million daily active users, growing more than doubled compared to the same period of last year.

Kuaishou begun its overseas expansion in May 2017, launching Kwai in Thailand, Indonesia, South Korea and Russia. Kwai currently ranks first in Brazil’s free iPhone app store while TikTok ranks fifth, according to data analytic firm Sensor Tower.

SnackVideo, another Kuaishou app targeting overseas users particularly southeast Asia , has also made progress in Indonesia. Launched in April last year, it ranked 22nd place in the Indonesa’s free iPhone app store, while TikTok ranks second after messaging app WhatsApp, according to Sensor Tower.

In 2020, Kuaishou also launched Zynn that target mainly the North American market. The app quickly gained its ground because of its cash rewards for new users. Zynn would pay users USD10-20 for downloading the app, inviting a friend, or watching a certain amounts of videos.

Context: In February 5th, Kuaishou made its debut on Hong Kong Stock Exchange, issuing 365 million shares at the price of HKD115 a share. The company’s share surged 160.8% on its first day trading, closing at HKD300 a share.

 Kuaishou IPO has 10 cornerstone investors, including the world’s biggest asset manager BlackRock and Singapore’s sovereign wealth funds Temasek Holdings, UAE’s largest sovereign wealth fund Abu Dhabi Investment Authority (ADIA), CPP Investments, Morgan Stanly’s MSAL and Sunny Festive.