Abu Dhabi National Fund Mubadala Investment and Abu Dhabi Catalyst Partners stated that they have invested US$150 million (approximately 1,090 crore) in Telegram.
Mubadala invested $75 million (approximately 5.4 billion rupees) in Telegram’s five-year initial public offering (IPO) bonds, and Abu Dhabi Catalyst Partners invested another $75 million (approximately 5.4 billion rupees).
Mubadala (Mubadala) executive Faris Sohail Faris al-Mazrui said in a statement: “Telegram’s user base has reached a critical level, making it one of the global technology giants.”
“Telegram is in a good position at the turning point and it will become a leading global technology company.”
Due to privacy concerns about WhatsApp owned by larger rival Facebook, Telegram and messaging app Signal have seen an increase in users this year.
According to Abu Dhabi Catalyst Partners, Telegram was launched in 2013 and has 500 million monthly users.
Mubadala said that after the new investment, Telegraph, which is already headquartered in the United Arab Emirates, will open an office in Abu Dhabi.
The Abu Dhabi catalyst partner is a Mubadala joint venture with Falcon Edge Capital, a US investment company.
Mubadala manages more than US$230 billion (approximately Rs 1,667,330 crore) in assets and is the second largest state-owned investor in the UAE after Abu Dhabi Investment Authority.
Both companies have invested in technology, and Mubadala contributed US$15 billion (approximately Rs 10874 billion) to SoftBank’s US$100 billion (approximately Rs 724.910 crore) Vision Fund in 2017.
Mubadala last year bought a 1.85% stake in Jio Platforms, the digital division of Reliance Industries, for US$1.2 billion (approximately 870 billion rupees).
Thomson Reuters 2021 ©
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