Truecaller rides India's mobile internet boom to IPO

In a market where Google and Facebook apps dominate active user rankings, Truecaller stands out. The 12-year-old company has been slow to monetize its active user base of over 200 million, but its advertisement business is now growing rapidly. Can it keep up the momentum?



Pratik Bhakta

Madhav Chanchani

October 07, 2021

10 Min Read

If you go through the IPO prospectus of Truecaller, the mobile phone directory and caller identification application, you will find Sweden, its home market, mentioned 141 times. Search for India and you will find it mentioned 169 times.  

Truecaller is not an Indian company. It was founded in 2009 in Sweden, where it is going public on Friday. Till 2013, when it started discussing a fundraising round with Sequoia Capital, its founders Alan Mamedi and Nari Zarringhalam had not even visited India. But they have since made visiting India, where 55% of the company’s employees are based, a quarterly affair. 

After all India is Truecaller’s largest market, accounting for 200 million of its 278 million monthly active users. So much so that the company’s tagline says “born in Sweden, built in India.”


Such stats are true for Facebook and its messaging application WhatsApp as well. And for Google’s YouTube. India has always given these companies their largest user bases, but in terms of revenue the numbers are usually in low single digits.

Not for Truecaller, which makes over 69% of its revenue from India. And in a digital market dominated by transaction-led businesses that monetize through commerce, Truecaller stands out, with 80% of its revenue coming from advertising. 

The CapTable looks at who is buying into Truecaller’s IPO, how its business has shaped up, and the challenges before it. 




As a premium subscriber, you will get access to 3+ premium articles a week
Limited time offer
Launch price
/ Year
INR 3,999
Save 40% with our launch offer.
Please apply the code at checkout.

copyCopy Code

Upgrade Now



As a premium subscriber, you will get access to 3+ premium articles a week

Smart Information, Better Decisions

We report on the latest and most important developments in India’s biggest tech companies and also disruptive startups so you can make better decisions.

Seasoned Team

Tracking the highs and lows of India’s biggest internet companies over the past decade has given us access to the right decision-makers to interpret the latest state of play.

Inside View with Org Charts

Know the key decision-makers with Org Charts. We thrive on decoding boardroom conversations so we can bring you a 360° view of what's happening at India's high-growth companies.

Filtering the Noise

New economy companies cannot always be evaluated using traditional methods. We analyze the relevant metrics, ask the tough questions to get you the right picture

For subscribers only

Premium Reads


View More >>

Deeply reported and objective news on the country´s fastest-growing companies and the people behind them.