Telegram, the encrypted messaging platform, has successfully raised $210 million through bond sales from various investors, including its founder and CEO Pavel Durov.

This fund raise comes at a crucial time for Telegram, as it is facing challenges in turning a profit amid the ongoing economic downturn, where funding opportunities are limited.

According to John Hyman, the Chief Investment Adviser at Telegram, the platform decided to issue bonds worth $270 million due to the significant increase in interest rates since 2021, resulting in the bonds having a different issue price, IANS reported.

Durov mentioned that a group of “well-known funds with excellent reputations” participated in purchasing these bonds. He also personally invested “tens of millions” into Telegram’s growth by acquiring approximately a quarter of the newly issued bonds.

Telegram Messenger, ranked among the top 5 most downloaded apps worldwide, reached an impressive milestone in the summer of 2022, surpassing 700 million monthly active users. The company is headquartered in Dubai.

In an effort to boost revenue, Telegram introduced a paid subscription option on its platform last year, costing around $5 (approximately Rs 400) per month.