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Alibaba invests in Snapchat to increase mobile service


economy

Alibaba invests in Snapchat to increase mobile service

Chinese internet trader Alibaba is reportedly preparing to expand its mobile services by investing nearly 200-million euros into photo-messaging app, Snapchat.

The move values the company at around 15 billion euros according to sources close to the deal. That places the four-year-old Los Angeles based company into the top ranks of privately held startups.

Snapchat, which allows its more than 100 million users to send messages that disappear in seconds, is seeking capital to extend its core service.

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