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, ChinaвЂ™s top dating application, for вЂњapproximately 5.3 million newly given Class the ordinary stocks associated with the business and US$600.9 million in cashвЂќ.
ItвЂ™s not yet determined exactly exactly how that cost comes even close to TantanвЂ™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.
WeвЂ™d actually heard rumors of the purchase recently, so that itвЂ™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…)