Stockholm, Sweden – Caller ID app Truecaller is planning to raise $100 million at a $1 billion valuation in order to expand its market in the world especially targeting the US market. Truecaller has got a huge success in Indian market and it wants to repeat the success in other markets also.
The Truecaller app was developed by Sweden based private company; True Software Scandinavia AB in September, 2009. Truecaller is an integrated caller ID service that finds contacts details globally. It also has a call-blocking functionality along with the social media integration that helps in keeping the phonebook up-to-date with pictures and birthdays.
Truecaller’s technology and strategy
Truecaller app uses crowdsourced data for its functionality; meaning it uses the data collected from the social crowd (called as app users). It also takes directory services from white pages companies and platforms like Yelp. It is available in 35 languages and locales.
To lead the process of raising funds, Truecaller has hired Morgan Stanley. The fundraising round will include both new and old investors. Earlier in February 2014, Truecaller had collected $18.8 million and later in October, 2014 it again raised $60 million from investors including Atomico, Kleiner Perkins Caufield & Byers, Open Ocean and Access Partners.
The company is planning to use the funds in the growth and expansion. Truecaller app has more than 100 million users and its biggest market is India with 80 million users. The company aims to have 300 million users by the end of this year by opening the gates for expansion in the US particularly. Also, the company is planning to build its office in the Bay area.
In Truecaller’s $100 million fundraising investors like Google and Twitter are also looking to invest. Twitter and Truecaller have been working together since 2013 and this deal would allow Truecaller users to find people on Twitter through their phone numbers. This would subsequently increase the users for Twitter as well.
In order to grow and expand, the company has increased its functionality over the years. The company also has an Android dealer app called Truedialer. Recently on 7 July, 2015 the company launched Truemessenger; an SMS app that also allows users to find to identify the sender of SMS, exclusively in India.