TRUECALLER ANNOUNCES PROFITABILITY
Bangalore: Truecaller announced today that the company has achieved profitability over the last 4 months and also crossed the major milestone of 200 million monthly active users (MAUs) around the world.
Truecaller is one of the largest consumer platforms in India and with such a rapid expansion, the country is clearly the home market for the brand. The aggressive growth in Advertising Sales and Premium Subscriptions in India have been a driving force in its revenue generation. Premium subscriptions have grown immensely since it was launched a year back. It has already crossed the 1mn mark and projected to grow by another 50% in coming months.
This is a significant achievement for Truecaller, which is emerging as a one-stop communication platform with a wide array of services including Instant Messaging, VoIP, and FINTECH Products including UPI money transfers, Bharat Bill Payment System and digital money lending, which is expected to launch within the first quarter of this year.
Sharing his thoughts on the occasion, Sandeep Patil, Managing Director, Truecaller, said, “We are thrilled and humbled that we have been profitable for the last several months while simultaneously growing revenues at over 70% annually. This achievement is a testament to the trust that our users place in us and the effectiveness of our revenue businesses. We will continue to grow revenues through investments in advertisement, 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. This is a concrete milestone on our path to build a financially-sustainable independent company that will be ready for IPO in three years.”
Truecaller is also expanding its business portfolio with services like Truecaller for Business. This streamlines the process for small businesses to be discovered by nearby users through Truecaller. Another feature being revamped is Truecaller Priority, which identifies relevant calls from businesses, thereby differentiating them from spam calls.