Telegram Raises $210 Million in Bond Sales to Tackle Economic Challenges
Telegram, the popular messaging app with over 800 million monthly users, has successfully raised $210 million through bond sales this week. The funds were secured from various investors, including Pavel Durov, the company’s founder and CEO, as Telegram navigates the challenges posed by a slowing economy and reduced interest in public market listings.
To achieve this capital influx, Telegram issued bonds valued at $270 million. John Hyman, Telegram’s Chief Investment Adviser, explained that the bond issue price was adjusted due to the significant rise in interest rates since 2021.
While Telegram continues to operate at a loss, the newly acquired financing is aimed at bringing the company closer to the “break-even” point. Durov asserted that Telegram is making strides towards profitability, boasting that the app’s financial position is more favorable in absolute numbers compared to its competitors, including Twitter and Snap.
Durov refrained from disclosing the specific names of the investors but mentioned that a collection of “well-known funds with stellar reputations” had purchased the bonds. According to Hyman, these backers are highly sophisticated global funds specializing in bonds, ensuring Telegram’s financial stability amid economic uncertainties.