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Swedish caller-identification service Truecaller seeks to boost over $100 million in IPO – TechCrunch

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Truecaller, which operates an eponymous caller-identification service, mentioned on Wednesday it’s trying to elevate $116 million in an preliminary public providing on Nasdaq Stockholm.

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The 12-year-old Stockholm-headquartered agency, which counts India as its largest market by customers, is aiming for a valuation of about $3 billion within the IPO, in response to earlier native media studies. The corporate said it plans to do its itemizing by fourth quarter of this yr.

The agency, which has amassed 278 million month-to-month energetic customers, has been engaged on its preliminary public providing for at the very least two years, in response to previous interviews Truecaller co-founder and chief govt Alan Mamedi has given to TechCrunch.

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The agency counts Sequoia Capital and Atomica amongst its earlier buyers. It has raised over $95 million through the years, in response to Crunchbase. Six years in the past, the agency engaged with some buyers to raise an additional $100 million at a valuation of $1 billion, TechCrunch reported, however the deal by no means materialized.

“Certainly one of our targets this yr has been to organize Truecaller for an IPO. Because of the robust suggestions that we’ve obtained from potential buyers, it feels very thrilling to take the following step on this course of. An inventory of Truecaller shouldn’t be solely a milestone for Nami [the other co-founder], myself and all of our staff who’ve contributed to constructing Truecaller to the implausible platform that it’s immediately, but additionally to the rising Swedish tech ecosystem,” he mentioned in an announcement Wednesday.

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“Although we’re twelve years into our unbelievable journey, we imagine that that is only the start and we’ve a transparent technique to proceed to develop and develop our companies and merchandise. I stay up for welcoming present and new shareholders on this journey.”

Truecaller’s service permits customers to keep away from spam calls by figuring out the callers, and in addition filters related texts. The service is in style in lots of elements of the world, however India, the place everybody receives dozens of such calls every month, is Truecaller’s largest market by customers.

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At the same time as Apple and Google have improved the caller ID function of their cellular working programs lately, and brought a number of different steps to curb spam calls, Truecaller’s choices stay unmatched.

The agency — which reported an working income of $57 million in 2020, up from $22 million in 2018 — has expanded to further classes equivalent to monetary companies lately in India.

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“Truecaller has made communication smarter, safer and extra environment friendly internationally. As smartphone utilization will increase globally, fraud and undesirable communication has adopted, and Truecaller has was an indispensable platform for customers and companies. With a transparent concentrate on innovation and progress, Truecaller is on an thrilling journey to succeed in much more customers with even higher merchandise,” mentioned Shailesh Lakhani, Managing Director at Sequoia Capital India, in an announcement.

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