Sunday , March 7 2021

Telegram wants to collect a billion dollars of convertible debt – Social networks on vc.ru.



The company is considering various financing options that would not require a merger, sale or IPO, writes The Information.

Pavel Durov conducted private negotiations with investors to raise funds that will be converted into shares during a possible IPO, writes The Information, citing sources familiar with the situation.

According to one source of the publication, we are talking about about a billion dollars, but plans may change.

Telegram has been looking for new sources of financing for several months, the newspaper writes. In April 2021, Durov will have to pay money to TON investors.

Telegram started raising funds by selling tokens in 2018. The launch of the TON blockchain platform and Gram tokens was planned for October 31, 2019. On October 12, the U.S. Securities and Exchange Commission (SEC) secured a temporary ban on the sale of Gram and accused the company of illegally selling cryptocurrencies.

The SEC allowed Telegram to retain 30% of the $ 1.7 billion raised to fund the project. According to investors, Durov returned part of the money.

But some European sponsors still owe the initial investment and another 10% on top. The exact amount that Telegram has to pay is unknown, the publication reports.

The Telegram confirmed the negotiations. “We are constantly approached with proposals for debt financing. We are evaluating these proposals, but we have not yet decided which way to go, ”said company spokesman Markus Ra.

Ra also added that the company is “considering various options” but will not take on any commitments involving mandatory exit. The publication believes that “mandatory exit” refers to a merger, sale, or listing.

To maintain independence, Telegram must start making money, according to The Information. In December 2020, Pavel Durov announced paid features in Telegram and his own advertising platform in 2021.

In addition, The Information believes that the need for fundraising increased after the increase in messenger downloads. Durov announced on January 12 that Telegram’s audience exceeded 500 million users per month, which is 100 million more than in April 2020.

Over the past three days, 25 million people have joined the messenger. In 2019, Telegram registered at least 1.5 million new users a day.




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