The co-founders of Swedish caller identification app Truecaller are stepping again from day-to-day operations, marking the tip of an period for one among Sweden’s most profitable shopper expertise corporations because it pushes in direction of a objective of 1 billion customers.
Alan Mamedi and Nami Zarringhalam, who co-founded Truecaller in 2009 and pictured above, will hand over to Rishit Jhunjhunwala, the corporate’s product chief and head of its essential Indian enterprise, in January. Each founders will stay as strategic advisors and board members.
The succession comes as Truecaller, which operates an eponymous spam-calls and messages blocking app, finds its footing after a difficult interval, with third-quarter revenues rising 15% to SKr 457.3 million ($42.3 million). Extra considerably, promoting income – which had been a supply of concern – grew 8% after a number of quarters of decline.
“We’re approaching half a billion customers, and I’m satisfied we will attain one billion customers inside a couple of years,” mentioned Mamedi in his remaining quarterly assertion as chief government. “We’re one of many only a few corporations globally whose product has managed to draw a whole bunch of thousands and thousands of individuals By doing that we’ve put Sweden on the world map, that accomplishment is one thing my co-founder Nami and I are extremely pleased with.”
Jhunjhunwala, who joined in 2015 and holds Swedish citizenship regardless of his Indian roots, inherits an organization that’s discovering its footing after a rocky post-IPO interval. Truecaller, which went public in October 2021, dominates caller identification in rising markets but additionally faces contemporary challenges in developed economies, notably on Apple’s iPhone platform.
The group plans to launch what executives name its “largest product enchancment ever” for iOS this quarter, matching a few of its Android capabilities. Whereas iPhone customers characterize simply 7% of Truecaller’s base, they generate 40% of subscription income – a disparity that highlights each the challenges and alternatives forward.
“Having labored intently with Alan and Nami since 2015, I do know these are massive sneakers to fill,” mentioned Jhunjhunwala, who has overseen product improvement and the corporate’s two largest income streams.
The transition comes as Truecaller’s shares have rebounded greater than 70% from March lows, with JPMorgan analysts noting that new market entries and rising income streams may drive additional upside.
But challenges stay. The corporate faces regulatory scrutiny in India, the place it generates over 70% of revenues. Latest experiences recommended that Airtel’s new spam-blocking software may threaten its dominance, although early critiques favor Truecaller’s providing.
The founders’ departure was introduced alongside accelerated third-quarter outcomes, which confirmed promising progress in strategic markets like Colombia and Nigeria, the place consumer numbers jumped 40% year-on-year. US subscription revenues rose greater than 60% as the corporate centered on changing customers to paying clients.
“We’ve a improbable administration crew in whom we’ve immense belief,” mentioned Mamedi and Zarringhalam in a joint assertion. “With these items in place, we’re satisfied that the corporate is properly positioned for future success.”
