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.
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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