Abu Dhabi state fund Mubadala Investment and Abu Dhabi Catalyst Partners stated that they had invested a mixed $150 million (roughly Rs. 1,090 crores) in Telegram.
Mubadala invested $75 million (roughly Rs. 540 crore) in five-year, pre-initial public providing (IPO) bonds of Telegram, whereas Abu Dhabi Catalyst Partners invested an extra $75 million (roughly Rs. 540 crore).
“Telegram’s user base has reached a critical mass that places it amongst global tech giants,” Mubadala government Faris Sohail Faris al-Mazrui stated in a press release.
“Telegram is well-positioned for an inflection point that will transform it into a leading global technology company.”
Telegram, together with messaging app Signal, have seen a rise in customers this 12 months amid privateness considerations with bigger rival Facebook-owned WhatsApp.
Launched in 2013, Telegram has 500 million month-to-month customers, based on Abu Dhabi Catalyst Partners.
Telegram, already headquartered within the United Arab Emirates, will open an workplace in Abu Dhabi following the brand new funding, Mubadala stated.
Abu Dhabi Catalyst Partners is a Mubadala three way partnership with US funding firm Falcon Edge Capital.
Mubadala, which manages greater than $230 billion (roughly Rs. 16,67,300 crore) in property, is UAE’s second-biggest state investor after Abu Dhabi Investment Authority.
Both have invested in expertise, with Mubadala contributing $15 billion (roughly Rs. 1,08,740 crore) to SoftBank’s $100 billion (roughly Rs. 7,24,910 crore) Vision Fund in 2017.
Mubadala final 12 months purchased a 1.85 p.c stake in Reliance Industries’ digital unit, Jio Platforms, for $1.2 billion (roughly Rs. 8,700 crore).
© Thomson Reuters 2021
Some essential adjustments are happening with Orbital podcast. We mentioned this on Orbital, our weekly expertise podcast, which you’ll be able to subscribe to by way of Apple Podcasts, Google Podcasts, or RSS, obtain the episode, or simply hit the play button under.
