Messaging app Telegram, which received a list of potentially problematic channels from Ukraine, has 900 million users and is approaching profitability. The possibility of the company entering an IPO (first public sale of shares) is also being considered. About this Financial Times stated founder of the Telegram messenger Pavel Durov in his first public interview since 2017.
Dubai-based Telegram has become one of the world’s most popular social media apps, raking in “hundreds of millions of dollars” in revenue after introducing advertising and premium subscriptions two years ago, he said.
“We hope to become profitable next year, if not this year,” the businessman said.
He added that the company has “received valuations of more than $30 billion” from potential investors, including “late-stage global technology funds,” but he ruled out a sale of the platform while it explores a future initial public offering.
“The main reason we started monetizing is because we wanted to remain independent. Generally speaking, we see the value [IPO] as a means of democratizing access to the value of Telegram,” said the founder of the platform.
He emphasized that during the IPO Telegram will consider the possibility of selling part of the shares to loyal users. Durov also stated that he had received interest in conducting a smaller share issue.
“This remains an opportunity if we want to raise funds, for example to fund our AI ambitions,” he said, adding that the company is exploring the possibility of introducing an AI-powered chatbot.
According to journalists, Telegram has rapidly grown in popularity over the past few years. However, researchers warn that the weakly moderated platform remains a breeding ground for criminal activity and misinformation.
Durov founded Telegram in 2013 with his brother. The businessman said he fled Russia a year after he refused to share the data of some Ukrainian VKontakte users with the Russian security service. Durov said that under pressure he sold his stake in VK to Kremlin-friendly oligarchs for $300 million.
Two people close to the matter said Telegram would likely seek a U.S. listing once the company reaches profitability and market conditions become favorable. Telegram has already raised about $2 billion in debt financing through a $1 billion bond offering in 2021, as well as subsequent issues of $750 million in the same year and $270 million in 2023.
Telegram in Ukraine
Earlier, UNIAN wrote that the Committee on Freedom of Speech of the Verkhovna Rada held a round table, the participants of which discussed, among other things, the topic of the threat to national security from the Telegram messenger.
Chairman of the Verkhovna Rada Committee on Freedom of Speech Yaroslav Yurchyshyn also stated that the administration of the Telegram social network has so far refused to make contact with the Ukrainian authorities and block channels that disseminate Russian propaganda.
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2024-03-11 16:57:00
