Truecaller founders, Alan Mamedi and Nami Zarringhalam, announced that they will be stepping down from day-to-day operations and will hand over to Rishit Jhunjhunwala to be the Global CEO of the company.
This announcement was made by CEO, Alan Mamedi in a post on X. According to him, “After careful thought and planning, Nami and I have decided to step back from day-to-day operations to focus on Truecaller’s long-term strategy as board members and advisors, allowing the leadership team to take full ownership and drive Truecaller’s continued growth. While we will continue to provide advice and support, we believe it is essential to have a leader at the helm who embodies our company’s core values and is prepared to lead us into the future.”
Prior to this new position, Rishit Jhunjhunwala was the the company’s product chief and head of its Indian business. He spent his first seven years in Stockholm and the last three years as the India CEO. He will take over from January 9, 2025, Rishit while the co-founders will continue to be employed by the company until the 30th of June 2025 as advisors.
Founded in 2009 in Stockholm, Sweden, Truecaller is a smartphone app that helps identify and block unwanted calls and SMS messages. It started when the co-founders, as students, wanted to create a service that would easily identify incoming calls from unknown numbers.
Truecaller, which launched its IPO in October 2021, leads in caller identification across emerging markets but encounters new challenges in developed regions, especially on Apple’s iPhone platform.
It also offers other features, such as:
- Spam blocking: Blocks numbers and SMS fraud protection
- Community-based spam reporting: Real-time spam reporting to protect against scams, telemarketers, and fraud
- Messaging: Start a conversation with a number without saving it as a contact
According to the website, the app has over 420 million active users, 1 billion downloads and has identified and blocked over 46 billion spam calls. In a recent separate report, Alan Mamedi said “We are approaching half a billion users, and I am convinced we can reach one billion users within a few years. We are one of the very few companies globally whose product has managed to attract hundreds of millions of people. By doing that we have put Sweden on the world map, that accomplishment is something my co-founder Nami and I are incredibly proud of“.
How Truecaller makes money
Truecaller generates revenue through several key streams:
- Advertising: Truecaller’s free version includes ads, which contribute significantly to its revenue. Advertisers pay to display targeted ads within the app to its large user base, primarily in emerging markets.
- Subscription Services (Truecaller Premium): Users can opt for a premium, ad-free experience with additional features, such as advanced caller identification, call recording, and the ability to see who viewed their profile. Truecaller Premium subscribers pay a monthly or yearly fee.
- Enterprise Solutions: Truecaller offers services to businesses to help them verify their identities to customers. For example, companies can register their official phone numbers on Truecaller, which enhances their credibility and reduces spam complaints from customers.
- In-app Payments and Financial Services: Truecaller has ventured into financial services, particularly in India, offering payment services and lending through partnerships. This business stream includes commissions and transaction fees on payments and loans facilitated within the app.
These diverse revenue sources have helped Truecaller maintain its profitability, particularly in regions where its caller identification features are widely used.
In the fourth quarter, the company plans to launch “the largest product improvement so far for Truecaller on iOS.” According to it, the key changes will enable it offer the same type of caller identification and spam blocking on iOS as on Android. Its commercial strategy for the new product will primarily position it as a subscription product. This means functionality in the free version will be limited, and the number of iOS users may decrease, but revenue from iOS could increase significantly.
