Truecaller, which operates an eponymous caller ID service, said on Wednesday it was looking to raise $ 116 million in an initial public offering on Nasdaq Stockholm.
The company, which has amassed 278 million monthly active users, has been working on its initial public offering for at least two years, according to TechCrunch’s past conversations with Truecaller’s co-founder and CEO Alan Mamedi.
The company counts Sequoia Capital and Atomica among its first investors. He has raised more than $ 95 million over the years, according to Crunchbase. Six years ago, the company signed with some investors to raise an additional $ 100 million for a valuation of $ 1 billion, TechCrunch reported, but the deal never materialized.
“One of our goals this year has been to prepare Truecaller for an IPO. Thanks to the positive feedback we have received from potential investors, it is very exciting to take the next step in this process. A Truecaller List Isn’t Just A Milestone For Nami [the other co-founder], myself and all of our employees who have helped make Truecaller the fantastic platform it is today, but also the growing Swedish tech ecosystem, ”he said in a statement on Wednesday. .
“Even though we have been on our amazing journey for twelve years, we believe this is just the start and we have a clear strategy to continue to grow and develop our services and products. I look forward to welcoming existing and new shareholders on this journey.
The Truecaller service allows users to avoid spam calls by identifying callers, and filters similar texts as well. The service is popular in many parts of the world, but India, where everyone receives dozens of such calls every month, is the biggest market for Truecaller users.
Even though Apple and Google have improved the Caller ID feature in their mobile operating systems in recent years and taken several other steps to reduce spam calls, Truecaller’s offerings remain unmatched.
The company – which reported sales of $ 57 million in 2020, up from $ 22 million in 2018 – has expanded into additional categories such as financial services in recent years in India.
Truecaller will be Sequoia Capital India’s last public release this year. The venture capital fund, the most prolific investor in Indian startups, has seen five exits this year, including food delivery startup Zomato and Indigo Paints.
“Truecaller has made communication smarter, safer and more efficient across the world. As the use of smartphones increases globally, fraud and unwanted communications have followed, and Truecaller has become an indispensable platform for consumers and businesses. With a clear focus on innovation and growth, Truecaller is on an exciting journey to reach even more users with even better products, ”said Shailesh Lakhani, Managing Director of Sequoia Capital India, in a statement.