Bengaluru: The overwhelming response of Truecaller and its subsidiaries in India and globe has seen it hitting 100 million users already. Now, to expand its operations in U.S. and open an office in Bay Area, Truecaller is claimed to receive $100 million fund from Sequoia Capital, India. If the funding round is complete, Truecaller, a product of True Software Scandinavia AB, will be valued at $1 billion to enter the Unicorn club.
This global telephone directory app for all major platforms has witnessed tremendous growth in the communication app market. Incepted in 2009 by the serial entrepreneurs – Alan Mamedi and Nami Zarringhalam, Sweden based Truecaller functions as a caller identity search and blocker real time. With over 80 million active users in India and growing, recently it released Truemessenger and Truedialler that are exclusively available in India.
This app works by collecting directory services from the large companies and use platforms like Yelp to bring in business. Also, it complements the crowdsourced information from the app’s users. Through Big Data analytics and machine learning, it offers additional services such as predicting who you might call next, based on the place and time or the top spam number in the area amongst others.
Twitter which has been a partner of Truecaller since 2013 is expected to invest, as this social networking site has been developing its investment projects through Twitter Ventures to mint in fund in the companies it works with. In late 2014, Truecaller received $60 million funding from KPCB, Atomico and Sequoia. However, when questioned on the funding round, Truecaller’s Director of Communication, Kim Fai Kok declined any such rumour and insisted on announcing the news if such things happen in the near future.