Alibaba buys $215 million stake in US chat app Tango

New Delhi: Tango, the mobile messaging app-maker, said it has raised $280 million in a new funding round led by Chinese e-commerce giant Alibaba Group Holding Ltd.The deal, which came one month after Facebook Inc's
alibaba buys 215 million stake in us chat app...
India TV News Desk March 20, 2014 16:18 IST
New Delhi: Tango, the mobile messaging app-maker, said it has raised $280 million in a new funding round led by Chinese e-commerce giant Alibaba Group Holding Ltd.

The deal, which came one month after Facebook Inc's stunning $19 billion acquisition of Whatsapp, highlights the growing importance of mobile communications and the willingness of Internet companies to get a foothold in this field.

For Alibaba, which may go public in New York later this year and is expected to raise more than the $16.1bn, the deal could strengthen its presence on mobile phones and broaden its reach outside China.

Tango claims to have a significant traction in North America, the Middle East, Taiwan and Singapore with over 200 million registered users and 70 million active users.

 
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