Telegram, the popular messaging app with over 800 million users each month, has raised $210 million through bond sales this week. The funds were raised by issuing bonds worth $270 million, with the goal of getting closer to the break-even point in terms of profitability. Telegram’s founder and CEO, Pavel Durov, personally bought about a quarter of the new bonds, investing “tens of millions” into the app’s growth.

Despite not being profitable yet, Telegram has been rapidly expanding its user base, adding over 300 million users in the past two and a half years. The company has faced challenges in its pursuit of going public, having attempted a token sale that was blocked by the SEC. Due to the current global market conditions, Telegram will continue relying on private investors to finance its operations, as public markets have shown reduced appetite for listings.

For Telegram, achieving financial stability and becoming self-sufficient remains a significant hurdle. The company has taken steps towards monetization in recent years, including launching a subscription service, but going public continues to be a long-term goal. In the meantime, raising funds through bond sales allows Telegram to continue its growth trajectory and bring it closer to profitability.