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.