Telegram, the popular instant messaging platform, has successfully raised $210 million from the sale of bonds to various investors, including its founder and CEO, Pavel Durov.
With its current user base exceeding 800 million users worldwide, Telegram aimed to increase its capital by issuing $270 million worth of financial bonds.
According to John Hyman, Telegram’s chief investment advisor, the issued bonds had varying interest rates due to significant interest rate fluctuations since 2021.
In an official post on his channel, Pavel Durov, the app’s founder and current CEO, revealed that Telegram has not yet turned a profit, the new funding through bond sales is intended to bring the company closer to the “break-even point,” where revenues match expenses without generating a profit or loss.
Durov claimed that Telegram was “closer to absolute profitability” compared to competing platforms like Twitter and Snapchat, he personally purchased a quarter of the offered bonds, underscoring his commitment to investing hundreds of millions of dollars to keep the app operational over the past decade.
Telegram has experienced significant growth, with its user base reaching over 800 million active users, including 300 million users who joined the platform since 2021.
Headquartered in Dubai, Telegram aims to improve its financial position. Last year, the company introduced a subscription-based monetization program within the app, additionally, the company raised over $1 billion from selling convertible bonds ahead of its planned initial public offering, a process still pending due to global economic downturns.
