Telegram raises $150 Mn from Mubadala and Abu Dhabi Catalyst Partners

Telegram raises $150 Mn from Mubadala and Abu Dhabi Catalyst Partners
  • Facebook share
  • Twitter share
  • Linkedin share
  • Pinterest share
  • WhatsaApp share

Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Catalyst Partners, a joint venture Mubadala and Falcon Edge Capital (US), on Tuesday, invested a combined $150 million in the popular messaging app Telegram.

According to a press statement, Mubadala invested $75 million in five-year, pre-initial public offering (IPO) bonds of Telegram, while Abu Dhabi Catalyst Partners invested a further $75 million.

Faris Sohail Faris al-Mazrui, Mubadala executive, in a statement said,

“Telegram’s user base has reached a critical mass that places it amongst global tech giants. Telegram is well-positioned for an inflection point that will transform it into a leading global technology company.”

Launched in 2013, Telegram has 500 million monthly users, according to Abu Dhabi Catalyst Partners. Telegram, already headquartered in the United Arab Emirates, will open an office in Abu Dhabi following the new investment.

Mubadala, which manages more than $230 billion in assets, is UAE’s second-biggest state investor after Abu Dhabi Investment Authority. Both institutions have invested in technology, with Mubadala contributing $15 billion to SoftBank’s $100 billion Vision Fund in 2017. Mubadala last year bought a 1.85% stake in Reliance Industries’ digital unit, Jio Platforms, for $1.2 billion.


Want to publish your startup or branded story? Submit your details here. For all the latest news related to startups in India and MENA, follow us on Google News, Twitter and Linkedin, and like us on Facebook.


Rate this Article

About the author

Avatar

Editorial Staff

The Editorial Staff at LAFFAZ encompasses fandoms of startup culture, crazy researchers, data analysts and writers who decrypt strenuous information into graspable news, produce noteworthy features and compelling stories.

Connect with us!
FacebookTwitterInstagram

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *