Encrypted messaging platform Telegram has successfully raised $210 million through bond sales from various investors, including its founder and CEO, Pavel Durov. The fundraising comes as Telegram continues to face financial challenges due to the ongoing economic downturn, which has made funding scarce.
John Hyman, the Chief Investment Adviser of Telegram, stated that the platform raised the capital by issuing bonds worth a total of $270 million. The decision was influenced by the significant increase in interest rates since 2021, leading to the bonds being priced differently.
Among the investors are a group of well-known funds with stellar reputations. Pavel Durov personally purchased approximately a quarter of the new Telegram bonds, demonstrating his commitment to the company’s growth by investing tens of millions.
Despite financial difficulties, Telegram has managed to maintain its status as one of the top five most downloaded apps globally. As of Summer 2022, the platform surpassed 700 million monthly active users. The company’s headquarters are located in Dubai.
In response to the economic challenges, Telegram introduced a paid subscription on its platform last year, priced at around $5 (approximately Rs 400) per month. This move has contributed to significant growth, with the platform acquiring over 300 million new users in the past two and a half years.
Recently, Pavel Durov introduced a new feature called Stories, which is set to be available in early July. This feature has been highly anticipated by users, with Durov revealing that over half of all feature requests received by Telegram were related to Stories.
Telegram’s dedication to innovation and user-driven enhancements reaffirms its commitment to providing a secure and engaging messaging platform for its extensive user base. With the successful bond sales, the company looks poised to continue its growth and development in the competitive messaging app market.