Value of company could skyrocket to $15bn.
Snapchat could be in line for $200m in funding from Chinese e-commerce giant Alibaba, which could skyrocket the self-destructive app makers valuation to $15bn.
Last month, the app maker was reportedly in talks with investors for funding worth $500m, which could value the company at $16bn to $19bn.
However, sources familiar with the matter told Bloomberg that Alibaba’s $200m investment will be separate from the previously reported $500m funding.
This is not the first time Alibaba has approached Snapchat, as prior to its IPO the Chinese e-commerce giant was reportedly in talks with Snapchat but the deal did not materialise.
Snapchat presently has more than 100 million users, and the self destructive messaging platform is popular amongst teens and young adults.
According to reports, Alibaba plans to win two billion customers globally with special focus on users going beyond its e-commerce base, the news agency reported.
Previously, the company invested in Uber like service, Lyft and messaging app Tango.