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Telegram Group Date:Telegram Group 2024
Telegram hopes to raise $1bn with a convertible bond private placement
The super secure UAE-based Telegram messenger service, developed by Russian-born software icon Pavel Durov, is looking to raise $1bn through a bond placement to a limited number of investors from Russia, Europe, Asia and the Middle East, the Kommersant daily reported citing unnamed sources on February 18, 2021.The issue reportedly comprises exchange bonds that could be converted into equity in the messaging service that is currently 100% owned by Durov and his brother Nikolai.Kommersant reports that the price of the conversion would be at a 10% discount to a potential IPO should it happen within five years.The minimum bond placement is said to be set at $50mn, but could be lowered to $10mn. Five-year bonds could carry an annual coupon of 7-8%.
Mr. Durov launched Telegram in late 2013 with his brother, Nikolai, just months before he was pushed out of VK, the Russian social-media platform he founded. Mr. Durov pitched his new appโfunded with the proceeds from the VK saleโless as a business than as a way for people to send messages while avoiding government surveillance and censorship.
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The messaging service and social-media platform owes creditors roughly $700 million by the end of April, according to people briefed on the companyโs plans and loan documents viewed by The Wall Street Journal. At the same time, Telegram Group Inc. must cover rising equipment and bandwidth expenses because of its rapid growth, despite going years without attempting to generate revenue.
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Telegram, a cloud based instant messaging service has been an integral platform to communicate with individuals anywhere in the world, sending messages, sharing multimedia data, and files of any kind. However, Telegram provides a feature of scheduling messages for later which not a lot of people are aware of. Moreover, Telegram provides a feature that allows users to erase any messages which are sent or received during a one-on-one chat by both the users. There are a lot of hidden and undiscovered features offered by Telegram. Similarly, the messaging platform has launched a built-in translator that allows users to translate communications within the app in any language.
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