The Rise of Telegram: A $30 Billion Phenomenon Managed by Just 30 Employees. An Analysis of the Business Model, Efficiency, Monetisation, and Factors Driving Investment Appeal.
The messaging platform Telegram is currently valued at approximately $30 billion. Remarkably, this service, which boasts a global audience of around 1 billion users, is managed by a team of just 30 people, all of whom work entirely remotely with no physical office. This phenomenon has captured the attention of investors worldwide and highlights that, in today's technology industry, a company's value is determined not by the size of its workforce or the presence of a headquarters, but rather by the scale of its audience, the effectiveness of its business model, and its monetisation potential.
$30 Billion Valuation with a 30-Employee Workforce
The Telegram case challenges traditional assumptions about the number of people required to build a company valued in the tens of billions. For comparison, most tech companies with a market capitalisation of around $30 billion typically employ thousands of staff and have developed management structures. However, Telegram has achieved a comparable market valuation while relying on an exceptionally small team. This precedent is not unprecedented in the industry; for instance, the messaging app WhatsApp had approximately 50 employees when it was acquired by Facebook for $19 billion in 2014. However, Telegram's example is unique in that the company, remaining independent and not being absorbed by a tech giant, has managed to achieve a colossal valuation with minimal growth in its workforce.
A Remote Work Model Without an Office
One of the reasons Telegram has been able to efficiently manage the service with such a small workforce is its fully remote work model. The company lacks a physical headquarters; its employees are distributed across various countries, working from home or any convenient location. This approach minimises overhead costs associated with maintaining offices and infrastructure. Formally, Telegram's head office is located in Dubai, yet its daily operations are decentralised. A globally distributed team enables the hiring of top talent regardless of their location, which is especially valuable in an era where remote work has become the norm. Moreover, the absence of a fixed office location provides flexibility and accelerates problem-solving — employees can rapidly collaborate online without geographical and bureaucratic barriers.
Automation and a Flat Management Structure
Telegram offsets its small team size by maximising technology usage. Many routine processes are automated; content moderation, spam control, and user technical support are partially handled by bots and algorithms. The cloud architecture and proprietary data transmission protocols allow the company to manage an increasing workload without exponentially expanding its IT staff. The organisational structure is extremely flat: there are no cumbersome hierarchies or multi-layered management. Founder Pavel Durov personally oversees product development and interacts directly with developers, eliminating intermediaries in the decision-making process. Notably, the company lacks a traditional HR department — talent acquisition is conducted through specialist programming competitions and proprietary tests, ensuring the recruitment of highly skilled independent specialists. This minimalist approach to management speeds up the release of new features and enhances operational efficiency: fewer approvals lead to quicker implementation of innovations.
Privacy and Independence as Core Strategy
Since its inception in 2013, Telegram's philosophy has been built around the ideas of independence and confidentiality. Pavel Durov created the messenger after leaving VK, aiming to offer the world a means of communication free from censorship and total control. The service initially ensured end-to-end encryption in secret chats and refrained from selling user data, attracting an audience, particularly in regions experiencing strict internet censorship. Telegram's reputation as an independent platform not beholden to governments or large corporations has been one of the key drivers of its growth. In its early years, the company avoided external investors and advertising, relying on Durov's personal funds to maintain complete control over the product and adhere to its mission. This independence bolstered user trust and enabled a focus on long-term development rather than short-term profits.
Explosive Growth in Audience and Global Reach
Over the past years, Telegram has exhibited rapid growth in its user base. If in 2018 the audience comprised around 200 million individuals, by early 2021 it reached 500 million, and by 2022-2023 it surpassed the mark of 700-800 million. In 2023, against the backdrop of global trends towards data security and disruptions experienced by competitors, Telegram’s user numbers surged, and by 2025, its monthly audience exceeded 1 billion active users. Today, it ranks among the most popular messaging apps globally: according to Durov, Telegram has become the second largest worldwide after WhatsApp (excluding the closed Chinese market WeChat). The reasons for such popularity stem from the emphasis on convenience and security, as well as the functional flexibility of the platform: beyond chats, Telegram offers channels for mass broadcasting, groups for communities, and service bots, enhancing the app's value for diverse user categories.
Monetisation: Premium Subscriptions, Advertising, and Cryptocurrency
For almost the entirety of its first decade, Telegram operated without generating any revenue: the application remained free and devoid of advertising, with operating costs funded by Durov's capital. However, as the user base and expenses grew, it became evident that a sustainable business model was needed. In 2021, Telegram attracted significant external funding for the first time by issuing five-year bonds worth over $1 billion, effectively embarking on the path to monetisation. By 2022, the company launched Telegram Premium — a voluntary paid subscription granting users access to enhanced features:
- Increased maximum file upload size to 4 GB;
- Exclusive stickers and new reactions;
- Removal of official ads from the app;
- A range of other additional features.
Meanwhile, the basic functionality of the messenger remains free. Simultaneously, Telegram has begun to cautiously introduce advertising: sponsored messages have appeared in large public channels, providing the messenger with a source of income without aggressive intrusion into private chats. Additionally, the company is experimenting with blockchain technologies — for instance, through auctions of unique user names and integration of a cryptocurrency wallet — seeking new revenue sources. These initiatives have swiftly impacted finances: according to industry sources, by 2024 Telegram had achieved operational profitability for the first time, with annual revenue exceeding $1 billion. The platform continues to uphold principles of privacy and a refusal of intrusive advertising, striving to balance monetisation with audience interests.
Why Investors are Valuing Telegram So Highly
Telegram's $30 billion valuation reflects investor expectations regarding the company's future potential. In the realm of venture capital, such high valuations of startups amid relatively modest current revenues are not uncommon — markets primarily focus on audience size and loyalty, as well as monetisation prospects. A billion users actively using the platform represents an immensely strategic asset. If Telegram can convert even a small fraction of this audience into paid services or advertising views, the company's revenues could reach several billion dollars annually, justifying its current valuation. Similar precedents have occurred in the past: the cost per user in the WhatsApp acquisition deal was around $40, whereas in Telegram's case, the market valuation equates to approximately $30-35 per user — a comparable figure. Beyond mere numbers, investors are drawn to Telegram's unique position in the market: it is one of the few large independent messaging apps not owned by tech giants. A strong brand, a reputation for privacy, and Durov’s personal involvement in product development enhance trust in the company. In 2025, Telegram successfully issued another tranche of convertible bonds for $1.7 billion, maturing after five years — this move essentially paves the way for a future initial public offering (IPO) and demonstrates institutional investors' faith in the company's long-term growth.
Outlook: IPO and Future Growth
Ahead for Telegram lies a phase of scaling monetisation and a potential public market entry. Pavel Durov has not ruled out conducting an IPO when the company strengthens its financial performance and mitigates regulatory risks. It is anticipated that the stock placement could value Telegram even higher, especially if the user base and revenue continue to rise. In preparing for the public status, the company will likely need to expand its workforce — including hiring compliance specialists, regulatory liaisons, and support staff for new services. Investors will need to assess whether Telegram can maintain its unique, efficient model and retain audience loyalty while transitioning into a public company. Nonetheless, Telegram's experience has already changed perceptions of what successful tech businesses can look like: it has proven that a focus on product, global reach, and a resource-conserving approach can create a world-class company of interest to the largest investors in a relatively short time.
