Truecaller, a caller-identification service, announced on Wednesday that it plans to seek $116 million in an initial public offering. The 12-year-old company, which claims India as its largest market by users, is seeking a $3 billion valuation in the IPO, according to previous local media reports. According to the company’s website, it plans to go public in the fourth quarter of this year. For the previous two years, the company had been preparing for its initial public offering (IPO).
It has raised approximately $95 million over the years, according to sources, with Sequoia Capital and Atomica as early backers.
The company has been planning an IPO this year, according to its CEO Alan Mamedi. The positive response from investors gave them the confidence to press further. He went on to remark that the company’s initial public offering (IPO) is a watershed moment not only for the company’s employees, but also for Sweden’s booming IT sector. The IPO is expected to be a big step forward in the expansion and development of the company’s products and services, according to the company. The company is excited to welcome both existing and new shareholders to join them on this exciting journey.
Truecaller’s service identifies callers and filters similar texts, allowing customers to avoid spam calls. Truecaller is popular in many parts of the world, but its largest market by users is India, where everyone receives dozens of such calls each month. Even though many tech giants like Apple and Google have enhanced their mobile operating systems’ caller ID features and made other steps to reduce spam calls in recent years, they do not match Truecaller’s offerings.
In recent years in India, the company has grown into new areas such as financial services, reporting operational revenue of $57 million in 2020, up from $22 million in 2018. Truecaller will be Sequoia Capital India’s latest public exit this year.
Truecaller has made communication smarter, safer, and more efficient around the world, according to Shailesh Lakhani, MD at Sequoia Capital India. He went on to say that as smartphone usage grows around the world, so does fraud and unsolicited communication, and Truecaller has become a vital platform for both consumers and businesses. Truecaller is on an exciting journey to reach even more consumers with even better solutions, with a strong focus on innovation and growth.