Abu Dhabi funds invest $150 million in Telegram messaging app
Abu Dhabi state fund Mubadala Investment Co and Abu Dhabi Catalyst Partners, part-owned by Mubadala, said on Tuesday they had invested a combined $150 million in messaging app Telegram.
Mubadala invested $75 million in five-year, pre-initial public offering (IPO) bonds of Telegram, while Abu Dhabi Catalyst Partners invested a further $75 million.
"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.
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 in assets, is UAE's second-biggest state investor after Abu Dhabi Investment Authority.
Both have invested in technology, with Mubadala contributing $15 billion to SoftBank's $100 billion Vision Fund in 2017.
Mubadala last year bought a 1.85% stake in Reliance Industries' digital unit, Jio Platforms, for $1.2 billion.
- With inputs from HT Correspondent