TrueCaller, the Swedish firm that counts India as its biggest market and lets users search for users through their phone numbers, has decided to list at the Nasdaq Stockholm.
The company intends to raise $116Mn through a listing of Class B shares, while the co-founders Nami Zarringhalam and Alan Mamedi will maintain control of the organization through Class A shares. If all goes well, the company plans to complete the listing by fourth quarter of this year.
Chances are, you already know what Truecaller does. However, if you need a refresher- the company allows users to filter through spam calls and texts, as well as search for users based on their mobile numbers. Moreover, it also allows users to place calls, if they would like to do so, directly through its app.
While companies like Apple and Google have tried to make their caller identification better, Truecaller still dominates the market, thanks to its seamless interface and already established place in the market.
Thanks to its offering, the app has become massively popular in India, where users get dozens of spam calls every week. Due to this popularity, the application has been able to amass almost 280 million monthly active users.
The company is backed by Sequoia, Atomico, OpenOcean and Kleiner Perkins. This also means that Sequoia will exit from the firm, just like it exited from Zomato during its own IPO earlier this year.
“One of our objectives this year has been to prepare Truecaller for an IPO. Thanks to the strong feedback that we’ve received from potential investors, it feels very exciting to take the next step in this process. A listing of Truecaller is not only a milestone for Nami [the other co-founder], myself and all of our employees who have contributed to building Truecaller to the fantastic platform that it is today, but also to the growing Swedish tech ecosystem,” Alan Mamedi said in a statement Wednesday.
