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Swedish caller ID service Truecaller seeks to raise more than $ 100 million in IPO – TechCrunch

Truecaller, which operates an eponymous caller ID service, said on Wednesday it was looking to raise $ 116 million in an initial public offering on Nasdaq Stockholm.

The 12-year-old Stockholm-based company, which counts India as its largest market in terms of users, is targeting a valuation of around $ 3 billion at the IPO, according to previous reports from local media. The company said it plans to make its listing in the fourth quarter of this year.

The company, which has amassed 278 million monthly active users, has been working on its initial public offering for at least two years, according to previous interviews given by Truecaller co-founder and CEO Alan Mamedi to TechCrunch.

The company counts Sequoia Capital and Atomica among its first investors. He has raised more than $ 95 million over the years, according to Crunchbase. Six years ago, the company signed with some investors to raise an additional $ 100 million for a valuation of $ 1 billion, TechCrunch reported, but the deal never materialized.

“One of our goals this year has been to prepare Truecaller for an IPO. Thanks to the positive feedback we have received from potential investors, it is very exciting to take the next step in this process. A list of Truecaller is not only a milestone for Nami, myself and all of our employees who have helped make Truecaller the fantastic platform it is today, but also for the Swedish tech ecosystem. growing, ”he said in a statement on Wednesday.

“Even though we have been on our amazing journey for twelve years, we believe this is just the start and we have a clear strategy to continue to grow and develop our services and products. I look forward to welcoming existing and new shareholders on this journey.

The Truecaller service allows users to avoid spam calls by identifying callers, and filters similar texts as well. The service is popular in many parts of the world, but India, where everyone receives dozens of such calls every month, is the biggest market for Truecaller users.

Even though Apple and Google have improved the Caller ID feature in their mobile operating systems in recent years and taken several other steps to reduce spam calls, Truecaller’s offerings remain unmatched.

The company – which reported operating revenue of $ 57 million in 2020, up from $ 22 million in 2018 – has expanded into additional categories such as financial services in recent years.

“Truecaller has made communication smarter, safer and more efficient across the world. As the use of smartphones increases globally, fraud and unwanted communications have followed, and Truecaller has become an indispensable platform for consumers and businesses. With a clear focus on innovation and growth, Truecaller is on an exciting journey to reach even more users with even better products, ”said Shailesh Lakhani, Managing Director of Sequoia Capital India, in a statement.

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