You may not think Instagram is the best use of your time, but that doesn’t mean it doesn’t have an extremely strong market value.
Per TechCrunch, Citigroup raised the valuation of Instagram this morning from US$19 billion to US$35 billion.
The photo-sharing network recently announced it had surpassed 300 million active users, and has taken steps toward cleaning up spam accounts, as well as adding new filters and features in an update this week.
Instagram was acquired by Facebook back in April of 2012 for US$1 billion. The acquisition came at a time when Instagram only had around 27 million users on iOS. However, the company saw over a million downloads on the first day of launching on Android, and Facebook put the pedal to the metal and closed the deal.
Instagram has since grown to have more active users than Twitter.
Stay tuned for additional details as they become available.
One reply on “Citigroup raises Instagram valuation from $16 billion to $35 billion”
Great concept, less-than-great execution. Short reception distance; one of three units cannot be synched to iPhone. Not impressed; hopefully just a start in product development.