Telegram App Attracts $150M Abu Dhabi Fund Investment: Reuters

Abu Dhabi state fund, Mubadala Investment Co invested $75 million in five-year, pre-initial public offering (IPO) bonds of Telegram messaging app, while Abu Dhabi Catalyst Partners, part-owned by Mubadala, invested a further $75 million, Reuters reports.

  • Telegram and Signal messaging apps noted a spike in the 2021 user base amid privacy concerns with Facebook Inc FB-owned WhatsApp.
  • Launched in 2013, Telegram had 500 million monthly users as per Abu Dhabi Catalyst Partners.
  • Telegram, already headquartered in the United Arab Emirates, would open an office in Abu Dhabi following the new investment.
  • Abu Dhabi Catalyst Partners was a Mubadala joint venture with U.S. investment company Falcon Edge Capital. Mubadala contributed $15 billion to SoftBank Group Corp SFTBY SFTBF $100 billion Vision Fund in 2017. Mubadala last year acquired a 1.85% stake in Reliance Industries’ digital unit, Jio Platforms, for $1.2 billion.
  • Price action: FB shares traded lower by 0.75% at $291.38 in the premarket session on the last check Tuesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsTechMediaReutersTelegram
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!