Business Updates

Jagran.com Breaking World Hindi News

Jagran.com Breaking Sports Hindi News

Thursday, 9 October 2014

Truecaller gets USD 60 million funding, plans aggressive push in India

The company will use the Series C round of financing to fuel product development, hire new talent and expand the company's global footprint, including in its largest market India.

The investors include Atomico, Kleiner Perkins Caufield & Byers (KPCB), Sequoia Capital, Jerry Murdock (co-founder of Insight Venture Partners) and Stefan Lennhammer.

"We have over 200,000 new users joining daily and almost half of this are from India. About 40 million of our userbase is from India. The number of smartphone users is growing strongly here," TrueCaller chief executive officer and co-founder Alan Mamedi told.

He added that looking at the importance of the Indian market, the company had set up an office here last year.

"We will add 3-5 people more at the office in Gurgaon," he said.

The Stockholm-based firm has more than 85 million users who utilise the app to search contact numbers, block spam and identify incoming calls to their mobile phones.

"We will use the funds to also expand our platform and work on enhancing the product to ensure the product works well even in areas with bad or slow network," he said.

In February, Truecaller had received USD 18.8 million in funding, led by Sequoia Capital, bringing the total investment in the company to more than USD 80 million.

As part of the current round, John Doerr (partner at KPCB), Mattias Ljungman (managing partner at Atomico) and investor Jerry Murdock will join Truecaller's board.

Atomico founder and Skype co-founder Niklas Zennstrom will also join the board as a special adviser.

Talking about other growing markets, Mamedi said it is seeing tremendous growth in other emerging markets like the Middle East, Brazil and Africa as well.

He said there has been a significant increase in name and number searches on its platform with monthly searches nearly doubling from about 800 million six months ago to more than 1.5 billion currently.

Source:  Latest News from Business News