Truecaller has three-fourths of its customers in India - all thanks to endless spam calls
Truecallerhas 150 million users in India and a total of 200 million worldwide.
- The Swedish app’s revenue jumped 70% in the last four months and turned profitable.
- It also said that its premium subscription service has a million users.
- The company believes that its paying users will grow by 50% in the coming months.
All this is due to excessive spam calls that Indian customers are trying to block. According to data revealed by the company, India ranks fifth globally when it comes to spam calls and over 10% of these calls come from financial service providers.
Truecaller also declared that it has turned profitable over the last four months, after a sharp revenue jump.
“We are thrilled and humbled that we have been profitable for the last several months while simultaneously growing revenues at over 70% annually,” said Sandeep Patil, managing director of Truecaller. The app recently expanded its service offerings to include voice and messaging, UPI payments and more.
Truecaller also said that its premium subscription service now has a million users. And it’s gunning for more. The company believes that its paying users will grow by 50% in the coming months.
Truecaller to offer
The Swedish app also wants to enter new business areas that can boost its revenues. It’s sector of choice is digital lending services. Several tech companies are choosing to enter Indian fintech space like smartphone makers Xiaomi and Realme.
Paytm founder Vijay Shekhar Sharma even took to Twitter earlier today to claim “2020 will be the year of lending, globally”.
Getting ready for an IPO
This sudden interest in raking up revenue has long-term plans. Patil said that Truecaller is getting ready for an initial public offering (IPO).
“This is a concrete milestone on our path to build a financially-sustainable independent company that will be ready for IPO in three years,” he added. So far, the 10 year old company raised $98.5 million from Sequoia Capital and Kleiner Perkins, among others.
Revamping business products
It is also expanding its portfolio with Truecaller for Business, aimed at small and medium enterprises and businesses. This FourSquare-like service will help businesses discover users nearby.
Currently, Truecaller for Business is offered for free. Business owners can create their profiles with information like address, website, email and opening business hours. These features are similar to what we find in Google Maps. It is also revamping its Truecaller Priority service to distinguish between businesses from spam calls.
Truecaller expands further into fintech in India by providing credit to small businesses
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