The logo of Alibaba Group is seen inside the company's headquarters in Hangzhou, Zhejiang province early November 11, 2014. Alibaba Group Holding Ltd said about $2 billion worth of goods were sold on the e-commerce giant's websites within the first hour and 12 seconds of its annual shopping festival.
Credit: /Aly Song (CHINA - Tags: BUSINESS LOGO) - RTR4DNED
- Chinese e-commerce company Alibaba Group Holding Ltd is planning to invest $200 million in Snapchat, valuing the photo-messaging service at about $15 billion, Bloomberg reported on Wednesday, citing people it said were familiar with the situation.
A month ago, Bloomberg reported that Snapchat is looking to raise as much as $500 million in a new funding round that would value the Los Angeles-based company at up to $19 billion.
The Alibaba investment would not be part of that round of funding, Bloomberg reported on Wednesday.
Neither Alibaba nor Snapchat representatives were immediately available for comment.
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