The Sweden-based caller-identification app, Truecaller on 4th February, 2020 announced that it has achieved profitability over the last 4 months and also crossed the major milestone of 200 million monthly active users (MAUs) around the world.
The Sweden-based caller-identification app, Truecaller Tuesday announced that it has achieved profitability over the last four months and also crossed the major milestone of 200 million monthly active users (MAUs) around the world.
In a statement, the company said that the reason behind its revenue generation was aggressive growth in Advertising Sales and Premium Subscriptions in India. Truecaller added that premium subscriptions on the platform have grown immensely since it was launched a year back. It has already crossed the one million mark and projected to grow by another 50% in coming months.
“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,” Sandeep Patil, Managing Director, Truecaller, said.
Patil added that the platform 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,” he said.
The platform currently offers various services such as 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.
It further plans to expand its business portfolio with services like Truecaller for Business. Another feature being revamped is Truecaller Priority, which identifies relevant calls from businesses, thereby differentiating them from spam calls.
Source: https://www.zeebiz.com/technology/news
