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Telegram founder and CEO Pavel Durov mentioned on his channel at this time that the corporate secured $330 million in funding by way of bond gross sales final week.
Durov mentioned that the providing was oversubscribed with favorable phrases to the corporate.
“This bond providing was oversubscribed, and we have been delighted to have international funds of the very best caliber with impeccable reputations as contributors. The phrases of the bonds (when adjusted for the Federal Reserve price) have been probably the most favorable for Telegram within the historical past of our firm,” he mentioned on his channel.
Whereas he didn’t title establishments that invested within the platform, he mentioned that international monetary establishments worth the corporate’s development.
In an interview with the Monetary Instances final week, Durov mentioned that the corporate goals to be worthwhile subsequent 12 months. He additionally talked about that Telegram is exploring an choice to go public.
“The principle motive why we began to monetize is as a result of we wished to stay impartial. Typically talking, we see worth in [an IPO] as a way to democratize entry to Telegram’s worth,” he instructed FT.
Sources acquainted with the deal instructed TechCrunch that the present yield of the bonds is 7.7%. The maturity for the bonds is both 2026 or when Telegram goes public, whichever is earlier. These bonds have been issued at a worth of $91— up from $78 of the final problem.
The chat app, which has greater than 900 million customers, issued bonds price $210 million final 12 months. The Dubai-headquartered firm has launched new methods to earn income prior to now few years, together with by way of adverts, username gross sales on the blockchain, and premium subscriptions. Earlier this month, the corporate introduced that non-public customers can convert their accounts to enterprise accounts by paying a subscription payment.
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