Info-tech

Truecaller hits the 200-million mark in monthly active users

Hemani Sheth Mumbai | Updated on February 04, 2020 Published on February 04, 2020

Truecaller logo   -  Twitter/Truecaller

Truecaller, on Tuesday, announced that it had crossed the 200-million mark in monthly active users (MAUs) around the world.

The Swedish caller-identification service provider also reported profitability over the last four months.

India, Truecaller’s largest market, accounted for 150 million monthly active users, according to aTechCrunch report.

The company’s growth has been fuelled byadvertising sales and premium subscriptions in India Truecaller currently has over one million premium subscribers The company projects 50 per cent growth in subscriptions in the coming months.

The tech company had started a pilot program in December to provide credit to small business owners in India, according to aBloomberg report. The company was able to launch an ad-free subscription service as part of the initiative in the country, the report said.

The company is bullish on investments in advertisements, subscriptions and financial services.

Sandeep Patil, Managing Director, Truecaller, said, “We will continue to grow revenues through investments in advertisements, subscriptions, credit and financial services. We will make in India for India by recruiting talent across technology, product management, data sciences and finance and by developing partnerships across the ecosystem,”

The move is in line with Truecaller’s current growth strategy which is aimed at filing aninitial public offering (IPO) by 2022.

“This is a concrete milestone on our path to build a financially-sustainable independent company that will be ready for IPO in three years,” Patil said.

The tech company is also exploring the expansion of its business portfolio with Truecaller for Business. The service helps small businesses to be discovered by nearby users through the platform. Another feature, Truecaller Priority, helps users identify relevant calls from businesses, differentiating them from spam calls.

Starting out as a caller-identification service provider, Truecaller has branched out into multiple sectors over the years. The platform now provides services including Instant Messaging, VoIP, andfintech products including UPI money transfers and Bharat Bill Payment System. The company is also expected to launch a digital money lending service in the first quarter of this year. Truecaller is backed by investors such as Sequoia Capital, Atomico and Kleiner Perkins.

Published on February 04, 2020
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