China’s largest online company, Alibaba, invested $200M in Snapchat according to Bloomberg.
Alibaba invested in Snapchat to gain access to the Western market, to tap the growing online messaging industry and to cope up with its rival, Tencent. “Alibaba has major plans to access overseas markets. They also have intentions to move into social networks”, an analyst said to Bloomberg.
It is not the first time that the company invested in an app, reportedly, it also invested in Tango, a messaging app and to Kabam, a mobile game studio.
Early this year, Snapchat introduced a new feature which is called “Discover”. This feature enables the user to access the media contents of CNN, Vice and National Geographic.