Telegram, the popular messaging service, has raised $210 million through bond sales to boost its 800 million monthly users. This takes the company's total debt borrowing to more than $1.2 billion. Telegram sold $270 million in bonds to some investors, including its founder and CEO Pavel Durov, who personally purchased almost a fifth of the new Telegram bonds.
According to a firm spokeswoman, the bonds were purchased by "well-known funds with stellar reputations" that specialise in bonds. The fresh funding is intended to bring Telegram closer to the "break-even" point, as the company is still losing money. Telegram, according to Durov, is "closer to profitability in absolute numbers" than competitors such as Twitter and Snap.
Telegram's user base is rapidly expanding, with over 2.5 million new users joining every day. Because of its emphasis on privacy and security, user-friendliness, and unique features, the messaging app has grown in popularity. Telegram has also been increasing its features, including the debut of its blockchain platform, Telegram Open Network (TONNE).
Toncoin, the platform's native currency, is loosely tied with the messaging app and is designed to facilitate a wide range of decentralised applications and services. More than two years ago, Telegram obtained over $1 billion in debt financing by offering 5-year pre-IPO convertible bonds. The funds have been used to invest in the company's expansion and to extend its offerings.
The new bond sales come at a time when interest rates have gone up significantly since 2021, which has resulted in a different issue price for the bonds, according to a company executive. Several other social media startups, including Twitter, Discord, and Reddit, have seen their valuations slashed by mutual fund investors after Meta and Snap shed tens of billions of dollars in value in the public market.
In summary, Telegram's most recent bond issuance raised $210 million from a collection of sophisticated global bond investors. The fresh funding will help the company get closer to profitability while also supporting its ongoing growth and expansion.
Telegram is rapidly growing into a major player in the IT and business worlds as it continues to develop and extend its offerings. The company's emphasis on privacy and security, as well as its user-friendly interface and creative features, have helped it to become a popular choice among consumers and businesses.
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