Alibaba may be looking to get a piece of Snapchat.
Alibaba is China’s largest e-commerce company, and it’s second worldwide only to Amazon. The report suggests Alibaba would invest $200 million in the ephemeral messaging company.
Snapchat is part of a breed of startups with multibillion-dollar valuations, with investors lining up to offer financing. With the latest deal, Snapchat would be ranked behind only mobile car-booking application Uber Technologies Inc. and Chinese smartphone maker Xiaomi Corp., according to data compiled by researcher CB Insights. Xiaomi is pegged at $45 billion, while Uber’s latest round valued it at $40 billion.
“We continue to hire across the business,” Chief Executive Officer Evan Spiegel said at the Montgomery Summit in Santa Monica, California. He declined to comment on fundraising efforts, adding, “We are famous for not talking about the future.”
A stake in Snapchat would take Alibaba’s total equity investments over the past 12 months to $6.3 billion from 26 deals, according to data compiled by Bloomberg.
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