Truecaller Releases Financial Results for Q1 2023, Reported Strong Profit

Truecaller Releases Financial Results for Q1 2023, Reported Strong Profit

Truecaller has reported an adjusted EBITDA of SEK 150 million ($14.6 million USD), and an EBITDA margin of 39 percent in the first quarter of 2023.

Q1 2023 impact on the Indian market:

While India continues to remain one of the biggest markets for Truecaller, the company saw a 13 percent sales growth increase in the Middle East and Africa, and a 1% sales growth in the rest of the world.

The average number of active users (MAU) increased by 34.3 million to approximately 350 million monthly active users, out of which 249 million monthly active users are in India alone.

India accounted for 75.5% of the total net sales of Truecaller, owing to all three revenue streams – Truecaller for Business, Premium subscriptions and Ads

India accounted for 75.5% of the total net sales of Truecaller, owing to all three revenue streams – Truecaller for Business, Premium subscriptions and Ads

Revenue from Truecaller for Business (TfB) amounted to SEK 34.4 million ($3.3 million USD) The demand for these services is still very high in India, and the number of connected customers continues to show good growth in the country. Truecaller for Business now has active customers in 36 countries.

Truecaller for Business’ portfolio of accounts has showcased a 57% year on year growth, with the strongest interest received from the banking and financial services sector, with brands such as ICICI Prudential, Airtel Payments and Godrej Housing Finance onboarded as new clients during this quarter.

Truecaller witnessed an exponential growth in ad revenue during this quarter, primarily attributed to the start of the Indian Premier League (IPL), as well as the improvements being made to the company’s Ad-tech platforms.

This quarter, Verified Business expanded to include SMS, marking a significant step in the evolution of the offering. Verified SMS has already generated interest from some of the highest-volume SMS senders in India, most notably within the banking and financial services sector.

During the first quarter, implementation of Business Messaging scaled up substantially. Enterprises who have adopted business messaging—including some of the most recognizable brands in India—have observed higher levels of user engagement as compared to traditional SMS, suggesting significant potential for even broader adoption moving forward.

In the quarter, Truecaller also opened its largest office space outside Sweden in Bengaluru, marking a significant milestone in the company’s journey in India

During this quarter, Truecaller also expanded its collaboration with Indian Governmental authorities through its Government Directory Services (an in-app service available to Indian users), which helps users seamlessly connect with the government through easy access to verified contacts. The initiative has grown to cover over 30 different states and union territories. Additionally, a partnership with the Delhi Police added the organization’s official numbers and addresses to the GDS Directory, further protecting the population from fraud and impersonation.

During this quarter, Truecaller announced an acquisition of 4 percent of the share of Singapore based game development company Mayhem Studios Private Ltd. For SEK 32.6 million ($3.1 million USD), with an aim to focus on the developing Indian game segment.

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