Telegram, an encrypted messaging platform, has successfully raised $210 million through bond sales from several investors, including its founder and CEO, Pavel Durov, amid the startup economy’s funding slowdown. 

John Hyman, the Chief Investment Adviser at Telegram, said that due to the increase in interest rates, the bonds worth $270 million were issued at a discount. 

According to Durov, investors comprised “highly sophisticated” “well-known funds” with “stellar reputations” who “specialise in bonds.” He added that the funds will take the company to the break-even point as it is still unprofitable. 

Durov bought about a quarter of the new Telegram bonds, investing “tens of millions” into Telegram to keep it operational.

The Dubai-based company is one of the top-5 most downloaded apps in the world, with over 800 million active users monthly. Telegram has added over 300 million users in the past two and a half years, attracting 2.5 million new signups daily.

Telegram has been planning to go public for several years. The app had raised nearly $1 billion in debt financing by selling 5-year pre-IPO convertible bonds over two years ago. It even attempted to raise funds through a crypto token sale, but the Securities and Exchange Commission (SEC) blocked it.