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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

India TV News Desk [ Updated: March 20, 2014 16:18 IST ]
alibaba buys 215 million stake in us chat app tango
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 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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