Abu Dhabi state fund Mubadala Investment and Abu Dhabi Catalyst Partners mentioned 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 govt Faris Sohail Faris al-Mazrui mentioned in a press release.
“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 month-to-month customers, in response to 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 mentioned.
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 know-how, 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 yr purchased a 1.85 % stake in Reliance Industries’ digital unit, Jio Platforms, for $1.2 billion (roughly Rs. 8,700 crore).
© Thomson Reuters 2021
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