Telegram was able to raise over a billion dollars through the sale of bonds to numerous investors. This is according to a statement put out on Tuesday by Pavel Durov who is Telegram’s founder. Among the investors are Abu Dhabi’s sovereign wealth fund Mubadala Investment Company and Abu Dhabi Catalyst Partners who have jointly invested the sum of $150 million in the app. This was revealed in a joint statement by the companies. On its own, Abu Dhabi’s Mubadala Investment Company invested the sum of $75 million in a 5-year pre-IPO convertible bonds, while Abu Dhabi Catalyst Partners invested the rest of the $75 million.
Telegram did not provide any information about the remaining ‘multiple investors’ but the founder revealed that they include ‘some of the largest and most knowledgeable investors from all over the world’.
The money raised from the funding round would be used to carry out Telegram’s strategy on expansion. The funds would also be geared towards the app’s monetization strategy which includes premium plans for users who use the platform for business purposes, all these were made known by the app’s founder; Pavel Durov, ‘Telegram’s user base has reached a critical mass that places it among global tech giants’, Faris Sohail Faris al-Mazrui; one of Mudabala’s executives said in a statement. As part of its expansion plans, Telegram which is already headquartered in the United Arab Emirates, will open a new office in Abu Dhabi.
Telegram was the most downloaded non-gaming app in February and has a monthly user base of 500 million. With this new investment and the high level of competition it is putting out with its regular and relevant updates, one is left to wonder if it will eventually take over Facebook’s WhatsApp. If you are wondering what’s so good about Telegram, you can check out some of Telegram’s features that some say beat WhatsApp’s by clicking here.