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Momo buys Tantan, AsiaвЂ™s Tinder, for $600M as Chinese networks that are social
WeChat is far and away the biggest messaging platform in China at this time, which is helping drive a push on the list of smaller players to obtain together for better scale. Today, Momo, the Chinese location-based social network application which has more recently made a large push into online dating services and it is exchanged on Nasdaq with an industry cap of around $6 billion, announced so it has obtained Tantan, ChinaвЂ™s top dating application, for $600.9 million within an deal that is all-cash.
ItвЂ™s not yet determined exactly how that price comes even close to TantanвЂ™s pre-exit valuation: it had never disclosed the quantity. Overall, Tantan had raised $120 million, including a $70 million round last 12 months from a mixture of strategic and monetary investors. Its backers included DST worldwide, Kleiner Perkins, video clip social network YY, Genesis Capital, SAIF Asia, Zhongwei, DCM and Bertelsmann.
WeвЂ™d really heard rumors of the purchase recently, so that itвЂ™s perhaps not coming as being a complete shock https://besthookupwebsites.org/escort/baton-rouge/.
WeChat has you might say written the playbook in Asia for how exactly to leverage a well known social platform to transfer to other relevant solutions (business being among the biggies), and it also appears that would-be rivals are after suit. Other notable techniques and exits in recent years have actually included Alibaba buying Youku Tudou and also spending heavily in WeChat competitor Weibo; selfie-making app Meitu going public and Meituan Dianping building a transfer to transportation.