Alibaba is investing $200 million into a stake in photo messaging application Snapchat.
That values Snapchat at nearly $15 billion and makes it one of the world’s most valuable start-ups after only 4 years.
The tech company says its users send 700 million snaps daily, recently started generating revenue from advertising.
The $15 billion valuation puts the business in a league with taxi service Uber and Xiaomi, the Chinese smartphone maker.
Alibaba has invested in a range of start-ups in China, but its portfolio in the US is relatively small.
The Chinese e-commerce giant has stakes in video call app TangoMe and Lyft, a competitor to Uber.
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