Encrypted messaging app Telegram is reportedly trying to go public.
Citing unnamed sources concerned within the course of, Russian information outlet Vedomosti broke the information on April 11. The timing is notable, provided that on the finish of March, Telegram’s founder and CEO Pavel Durov introduced through his Telegram channel that the agency had bought $1 billion in bonds.
Proof against the sale of person information and advert area, Telegram has lengthy suffered from an absence of clear income stream. Durov, alongside along with his brother Nikolai, first made their fortunes with Russian social media website VKontakte.
The Durov brothers used that cash to make Telegram, which is designed to be proof against the Russian authorities’s intensive firewalling and media censorship. This didn’t ingratiate the pair to the authorities. They in the end left Russia however have saved up work on Telegram. Cash, nonetheless, grew to become a persistent challenge.
Famously, Telegram ran afoul of the US Securities and Alternate Fee over its $1.7 billion preliminary coin providing for its GRAM tokens. Concerning the latest bond issuance, Durov stated “the tip aim for Telegram is to develop into a financially sustainable venture that may serve humanity for many years (or centuries) to come back.”
In December, Durov outlined some revenue-generating measures in his Telegram channel, noting the deliberate introduction of an “Advert Platform” that “is user-friendly, respects privateness and permits us to cowl the prices of servers and visitors.”
Per Vedomosti, Telegram additionally appears to be a direct itemizing, an increasingly popular mechanism amongst tech companies for public funding. The Vedomosti report additionally steered that ought to Telegram go public, it might achieve this in Hong Kong fairly than New York, as a consequence of its historical past with the SEC.