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HomeTechnologySwedish caller-identification service Truecaller seeks to raise over $100 million in IPO...

Swedish caller-identification service Truecaller seeks to raise over $100 million in IPO – TechCrunch

Truecaller, which operates an eponymous caller-identification service, mentioned on Wednesday it’s seeking to elevate $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 within the IPO, in line with earlier native media studies. The corporate said it plans to do its itemizing by fourth quarter of this yr.

The agency, which has amassed 278 million month-to-month lively customers, has been engaged on its preliminary public providing for no less than two years, in line with previous interviews Truecaller co-founder and chief government Alan Mamedi has given to TechCrunch.

The agency counts Sequoia Capital and Atomica amongst its earlier traders. It has raised over $95 million over time, in line with 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 yr has been to organize Truecaller for an IPO. Due to the robust suggestions that we’ve obtained from potential traders, it feels very thrilling to take the following step on this course of. An inventory of Truecaller will not be solely a milestone for Nami [the other co-founder], myself and all of our workers who’ve contributed to constructing Truecaller to the incredible platform that it’s right this moment, but in addition to the rising Swedish tech ecosystem,” he mentioned in an announcement Wednesday.

“Although we’re twelve years into our unbelievable journey, we consider that that is only the start and we have now a transparent technique to proceed to develop and develop our companies and merchandise. I stay up for welcoming current and new shareholders on this journey.”

Truecaller’s service permits customers to keep away from spam calls by figuring out the callers, and in addition filters related texts. The service is well-liked in lots of 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 of their cell working techniques in recent times, 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 reminiscent of monetary companies in recent times in India.

“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 changed into an indispensable platform for customers and companies. With a transparent give attention to innovation and progress, Truecaller is on an thrilling journey to succeed in much more customers with even higher merchandise,” mentioned Shailesh Lakhani, Managing Director at Sequoia Capital India, in an announcement.

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