Truecaller, which operates a caller ID service with the same name, said Wednesday that it seeks to raise $ 116 million in an initial public offering on Nasdaq Stockholm.
The 12-year-old Stockholm-based company, which sees India as its largest market by users, is aiming for a valuation of around $ 3 billion in the IPO, according to previous local media reports. The company said plans to do its listing in the fourth quarter of this year.
The firm, which has amassed 278 million monthly active users, has been working on its initial public offering for at least two years, based on previous interviews Truecaller co-founder and CEO Alan Mamedi gave TechCrunch.
The firm counts Sequoia Capital and Atomica among its first investors. It has raised more than $ 95 million over the years, according to Crunchbase. Six years ago, the firm engaged with some investors to raise an additional $ 100 million at a $ 1 billion valuation, TechCrunch reported, but the deal never materialized.
“One of our goals this year has been to prepare Truecaller for an initial public offering. Thanks to the strong 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 contributed to building Truecaller to the fantastic platform it is today, but also to the growing Swedish technology ecosystem, ”he said in a statement Wednesday.
“Although we have been on our incredible journey for twelve years, we believe this is only the beginning and we have a clear strategy to continue growing and developing our services and products. I look forward to welcoming new and existing shareholders on this journey. “
Truecaller’s service enables users to avoid unwanted calls by identifying callers and also filters out similar texts. The service is popular in many parts of the world, but India, where everyone receives dozens of such calls each month, is Truecaller’s largest market by users.
Even though Apple and Google have improved the caller ID feature on their mobile operating systems in recent years and have taken various other steps to curb unwanted calls, Truecaller’s offerings remain unmatched.
The firm, which reported operating income 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 has made communication smarter, safer and more efficient around the world. As the use of smartphones increases globally, fraud and unwanted communications have occurred, 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 more users with even better products, ”said Shailesh Lakhani, Managing Director of Sequoia Capital India, in a statement.
