TECH: Alibaba invests $200m in Snapchat


Chinese internet giant Alibaba has invested approximately $200m (£133m) in a stake in messaging application Snapchat, the BBC understands.

That values the four-year old firm at nearly $15bn (£10bn)makes it one of the world\’s most valuable start-ups.

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

Snapchat says its users send 700 million snaps daily, recently started generating revenue from advertising.

The $15bn 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 company has stakes in video call app TangoMe and Lyft, a competitor to Uber.

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