Truecaller, which operates an eponymous caller-identification service, mentioned on Wednesday it’s trying to raise $116 million in an preliminary public providing on Nasdaq Stockholm.
The 12-year-old Stockholm-headquartered agency, which counts India as its greatest market by customers, is aiming for a valuation of about $3 billion in the IPO, in accordance to earlier native media stories. The corporate said it plans to do its itemizing by fourth quarter of this 12 months.
The agency, which has amassed 278 million month-to-month lively customers, has been engaged on its preliminary public providing for not less than two years, in accordance to TechCrunch’s previous conversations with Truecaller co-founder and chief govt Alan Mamedi.
The agency counts Sequoia Capital and Atomica amongst its earlier traders. It has raised over $95 million over the years, in accordance to Crunchbase. Six years in the past, the agency engaged with some traders to raise an additional $100 million at a valuation of $1 billion, TechCrunch reported, however the deal by no means materialized.
“One in every of our targets this 12 months has been to put together Truecaller for an IPO. Thanks to the robust suggestions that we’ve acquired from potential traders, it feels very thrilling to take the subsequent step in this course of. An inventory of Truecaller just isn’t solely a milestone for Nami [the other co-founder], myself and all of our workers who’ve contributed to constructing Truecaller to the unbelievable platform that it’s right now, but additionally to the rising Swedish tech ecosystem,” he mentioned in a press release Wednesday.
“Though we’re twelve years into our unimaginable journey, we imagine that that is only the start and we have now a transparent technique to proceed to develop and develop our providers and merchandise. I look ahead to 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 likewise filters related texts. The service is well-liked in many components of the world, however India, the place everybody receives dozens of such calls every month, is Truecaller’s greatest market by customers.
At the same time as Apple and Google have improved the caller ID characteristic in their cell working programs in current years, 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 extra classes resembling monetary providers in current years in India.
Truecaller would be the newest public exit for Sequoia Capital India this 12 months. The enterprise fund, essentially the most prolific investor in Indian startups, has seen 5 exits this 12 months together with food delivery startup Zomato, and Indigo Paints.
“Truecaller has made communication smarter, safer and extra environment friendly the world over. As smartphone utilization will increase globally, fraud and undesirable communication has adopted, and Truecaller has became an indispensable platform for shoppers and companies. With a transparent concentrate on innovation and development, Truecaller is on an thrilling journey to attain much more customers with even higher merchandise,” mentioned Shailesh Lakhani, Managing Director at Sequoia Capital India, in a press release.