Home Business Alibaba deal boosts Snapchat value at $15 billion

Alibaba deal boosts Snapchat value at $15 billion

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.

Snapchat allows users to send text and picture messages which disappear in 10 seconds.Snapchat Alibaba deal

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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Clyde is a business graduate interested in writing about latest news in politics and business. He enjoys writing and is about to publish his first book. He’s a pet lover and likes to spend time with family. When the time allows he likes to go fishing waiting for the muse to come.