Swedish caller identification app Truecaller on Tuesday said that the company has achieved profitability over the last four months and also crossed 200 million monthly active users (MAUs) around the world. Truecaller, which now has over 150 million monthly active users in India, said its aggressive growth in advertising sales and premium subscriptions in India have been a driving force in its revenue generation. Also Read - New WhatsApp updates coming: Link devices, revised storage UI on iPhones
“We are thrilled and humbled that we have been profitable for the last several months while simultaneously growing revenues at over 70 percent annually,” Sandeep Patil, Managing Director, Truecaller, said in a statement. Also Read - Facebook will now make money from WhatsApp's in-app purchases
“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,” Patil said. Also Read - WhatsApp brings Always Mute group chats to iOS, Android: You can apply it now
Patil said Truecaller will be ready for an IPO in three years. Premium subscriptions for the platform have grown immensely since it was launched a year back. It has already crossed the one million mark and is projected to grow by another 50 percent in the coming months, the company said.
Moving beyond just a “caller ID and spam blocking app”, Truecaller offers a wide array of communication services including instant messaging, VoIP (Voice over Internet Protocol), and fintech products including UPI money transfers, Bharat Bill Payment System. Its digital money lending service is expected to launch within the first quarter of this year.
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In June last year, Truecaller had introduced VoIP service in its mobile app as Truecaller Voice. This feature is similar to Google Duo and WhatsApp voice call. With this feature, you can do a voice call from the Truecaller app to another Truecaller app user over data or Wi-Fi.
Written with inputs from IANS