According to Pavel Durov, the founder and CEO of Telegram, the company has recently secured a whopping $330 million in investment through their bond sales. In a statement on his channel, Durov revealed that the offering proved to be oversubscribed and boasted favorable terms for the company.
“This bond offering was oversubscribed, and we were delighted to have global funds of the highest caliber with impeccable reputations as participants. The terms of the bonds (when adjusted for the Federal Reserve rate) were the most favorable for Telegram in the history of our company,” Durov shared on his channel.
Although specific institutions were not named, Durov mentioned that global financial organizations have expressed their confidence in Telegram’s potential for growth.
In a recent interview with the Financial Times, Durov revealed that the company has set a goal to become profitable by next year. He also hinted at the possibility of going public in the future.
“The main reason why we started to monetize is because we wanted to remain independent. Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram’s value,” Durov told FT.
Speaking on behalf of Telegram, chief investment adviser John Hyman informed TechCrunch that the current yield for the bonds is 7.7%. These bonds are set to mature in 2026 or when Telegram goes public, whichever comes first. Interestingly, these bonds were issued at a higher price of $91 compared to the previous issue at $78.
With over 900 million users, the chat app issued $210 million worth of bonds last year. Headquartered in Dubai, Telegram has implemented various strategies to generate revenue in recent years, including ads, username sales on the blockchain, and premium subscriptions. Earlier this month, the company announced that personal users can upgrade their accounts to business accounts for a subscription fee.
