Abu Dhabi state fund Mubadala Investment and Abu Dhabi Catalyst Partners said they had invested a combined $150 million (roughly Rs. 1,090 crores) in Telegram.

Mubadala invested $75 million (roughly Rs. 540 crore) in five-year, pre-initial public offering (IPO) bonds of Telegram, while Abu Dhabi Catalyst Partners invested a further $75 million (roughly Rs. 540 crore).

“Telegram’s user base has reached a critical mass that places it amongst global tech giants,” Mubadala executive Faris Sohail Faris al-Mazrui said in a statement.

“Telegram is well-positioned for an inflection point that will transform it into a leading global technology company.”

Telegram, along with messaging app Signal, have seen an increase in users this year amid privacy concerns with larger rival Facebook-owned WhatsApp.

Launched in 2013, Telegram has 500 million monthly users, according to Abu Dhabi Catalyst Partners.

Telegram, already headquartered in the United Arab Emirates, will open an office in Abu Dhabi following the new investment, Mubadala said.

Abu Dhabi Catalyst Partners is a Mubadala joint venture with US investment company Falcon Edge Capital.

Mubadala, which manages more than $230 billion (roughly Rs. 16,67,300 crore) in assets, is UAE’s second-biggest state investor after Abu Dhabi Investment Authority.

Both have invested in technology, 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 last year bought a 1.85 percent stake in Reliance Industries’ digital unit, Jio Platforms, for $1.2 billion (roughly Rs. 8,700 crore).

© Thomson Reuters 2021
 

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