Popular messaging application, Telegram has received a total of USD 150 million of investment from Mubadala and Abu Dhabi Catalyst Partners.
Mubadala, Abu Dhabi state fund has invested USD 75 million for five years pre-initial public offering (IPO) bonds of Telegram. Abu Dhabi Catalyst Partners invested the next USD 75 million in the same project. Collectively, Telegram has received USD 150 investment.
Mubadala executive Faris Sohail Faris al-Mazrui explained that Telegram’s user base reached a critical mass which placed it amongst global tech giants. He further stated that Telegram is well-positioned for infection point which will transform it into the leading global technology-based company. Abu Dhabi Catalyst Partners explains that Telegram has 500 million monthly users.
“We believe this creates a strong value proposition and will be a focal point for social media platforms and a new era of messaging” James Munce, CFO and COO of Abu Dhabi Catalyst Partners explained.
It has been believed that Telegram, which has to headquarter in the United Arab Emirates will now open a new office in Abu Dhabi after the investment.
Pavel Durov, founder and CEO of Telegram stated that they were honored by this huge investment and trust from Mubadala along with Abu Dhabi Catalyst Partners and expect that this strategic partnership will ultimately continue for ultimate growth in the MENA region and across the globe.
Started in 2013, Telegram is a freeware, cloud-based instant messaging software and application which has also been providing video calling, VoIP, file sharing and several other features. Based in Dubai, Telegram has been gaining popularity across the globe and it was also the most downloaded app worldwide in January 2021.
Abu Dhabi Catalyst Partners is a joint venture of Mubadala, which has a United State based investment project for Falcon Edge Capital. Mubadala is UAE’s second-largest state investor after Abu Dhabi Investment Authority. Mubadala bought a 1.85 percent stake in Reliance Industries digital unit, Jio platform last year for USD 1.2 billion. Both the company have made a huge investment in technology recently. Mubadala also contributed USD 15 billion to SoftBank’s USD 100 billion Vision Fund in 2017.