TrueCaller is Raising $100M at $1B Valuation

Caller ID app, Truecaller which now has 150 million users is raising around $100 million at a $1 billion valuation that is expected to be lead by previous and new investors. Till date, the company has raised around $80 million. It is backed by Atomico, Kleiner Perkins Caufield & Byers, Sequoia Capital, Access Partners and Open Ocean. In its latest round, the firm secured $60 million series C round at a valuation of USD 300 million led by Atomico, Kleiner Perkins Caufield & Byers (KPCB) and Sequoia Capital

The company aims to utilized the raised funds to grow the product. Sweden’s Truecaller, an online collaborative phone directory has 80 million users in India. Now it is looking to expand elsewhere, like the U.S., and will be building out the company’s office in the Bay Area. The company’s aims to hit 300 million users this year.

As per a source close to the company, Twitter and Google are among the companies that have looked at investing. Twitter would involve both investment and partnership. Since 2013, Twitter is already working with Truecaller allows users to find people on Twitter via their phone numbers, and subsequently follow and Tweet to them via the Truecaller app. This helps Twitter to grow its users and in its quarterly results, the company added 2 million monthly active users.

Truecaller previously launched a SMS app “Truemessenger” (currently only live in India) and an Android dialer called Truedialer. It makes revenues through in-app purchases for premium features, as well as via advertising within the app. It may launch a paid version by the end of this year.

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