Telegram, one of the world's largest messaging platforms, is once again under scrutiny after authorities temporarily restricted new downloads of the application through the Google Play Store in India until June 22. The action was linked to concerns over the alleged use of private channels for sharing leaked NEET-UG examination material.

The development has sparked renewed interest in Telegram's business model, particularly because the app remains free for the vast majority of its users. India, with an estimated 150 million users, is Telegram's largest market by user base, making any regulatory action in the country significant for the company's long-term growth prospects.

Although the temporary restriction is unlikely to have a major financial impact, analysts note that a prolonged or permanent disruption in India could affect user acquisition and future revenue opportunities.

Revenue Beyond Messaging

For several years after its launch in 2013, Telegram operated without generating meaningful revenue. However, the company has gradually diversified its income sources and built a substantial business around its global user base.

One of Telegram's key revenue streams is its premium subscription service. Introduced in 2022, Telegram Premium offers users additional features such as larger uploads, faster downloads, advanced customization options and enhanced account capabilities for a monthly fee.

Advertising has also emerged as an important source of income. Telegram displays sponsored messages in large public channels and shares revenue with channel owners in selected markets.

Another major contributor is Telegram's association with the TON blockchain ecosystem. The company benefits from partnerships and commercial arrangements linked to Toncoin, a cryptocurrency that has become closely connected with Telegram's digital ecosystem.

Financial Performance Under Spotlight

Despite strong revenue growth, Telegram has continued to face profitability challenges. Reports indicate that the company generated substantial revenue during 2025, supported by premium subscriptions, advertising and blockchain-related activities.

However, fluctuations in cryptocurrency valuations have affected its balance sheet. Because Telegram holds digital assets connected to the TON ecosystem, declines in cryptocurrency prices can significantly impact the company's reported financial results.

Industry observers point out that such losses are often linked to asset valuation changes rather than weaknesses in Telegram's core business operations.

From Russia to Global Expansion

Telegram was founded by brothers Pavel Durov and Nikolai Durov after their involvement with Russian social networking platform VK. Following disagreements with Russian authorities over user privacy and data-sharing demands, Pavel Durov left Russia and invested his own capital into building Telegram.

Today, the company operates from Dubai and serves more than one billion monthly active users worldwide. Its focus on privacy, encrypted communication and large-scale community features has helped it attract users across multiple regions.

Regulatory Challenges Continue

Telegram's rapid growth has often been accompanied by controversy. Governments and regulators in several countries have raised concerns over the platform's role in the distribution of pirated content, financial scams, illegal activities and misinformation.

The company has also faced legal disputes related to cryptocurrency projects and questions regarding content moderation. In recent years, authorities in multiple jurisdictions have sought greater cooperation from Telegram in tackling unlawful activity conducted through private channels and groups.