20 August 2019

Alibaba invests US$215 mln in startup Tango, paper says

Alibaba Group Holding Ltd. has invested US$215 million in Silicon Valley startup TangoMe Inc., giving the Chinese e-commerce giant access to the mobile messaging business as it prepares to hold an initial public offering in the United States, the Wall Street Journal reported on Thursday. The minority investment is part of a US$280 million financing round that values the four-year-old company at more than US$1 billion, a source was quoted as saying. Tango has a much smaller user base than other messaging apps like WhatsApp, recently acquired by Facebook Inc., and WeChat, owned by Alibaba’s rival Tencent Holdings Ltd. (00700.HK), but its membership has doubled over the past year to more than 200 million registered users, the report said.

– Contact HKEJ at [email protected]



EJI Weekly Newsletter

Please click here to unsubscribe