Momo buys Tantan, Asia’s Tinder, for more than $600M as Chinese social networking sites consolidate

Momo buys Tantan, Asia’s Tinder, for more than $600M as Chinese social networking sites consolidate

WeChat is far and away the messaging platform that is biggest in China at present, and that’s assisting to 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 includes recently made a huge push into online dating services and it is exchanged on Nasdaq with an industry cap of approximately $6 billion, announced so it has obtained Tantan, China’s top dating application, for “approximately 5.3 million newly given Class the ordinary stocks associated with the business and US$600.9 million in cash”.

It’s not yet determined exactly exactly how that cost comes even close to Tantan’s pre-exit valuation: it had never disclosed the amount. Overall, Tantan had raised $120 million, including a $70 million round just last year from a mix of strategic and economic investors. Its backers included Kleiner Perkins, movie network that is social, Genesis Capital, SAIF Asia, Zhongwei, DCM and Bertelsmann.

We’d actually heard rumors of the purchase recently, so that it’s perhaps not coming as a surprise that is complete.

WeChat has you might say written the playbook in Asia for just how to leverage a favorite platform that is social transfer to other related solutions (commerce being one of many biggies), and it appears that would-be rivals are after suit. (more…)

Continue Reading Momo buys Tantan, Asia’s Tinder, for more than $600M as Chinese social networking sites consolidate