Truecaller, which operates an anonymous caller-recognition service, said Wednesday that it wants to raise $116 million in an initial public offering on Nasdaq Stockholm.
According to earlier local media reports, the 12-year-old Stockholm-headquartered firm, which counts India as its biggest market by users, is targeting a valuation of around $3 billion in the IPO. company said It plans to do its listing by the fourth quarter of this year.
The firm, which has 278 million monthly active users, has been working on its initial public offering for at least two years, according to Nerdshala’s previous conversation with Truecaller co-founder and chief executive Alan Mamedy.
The firm counts Sequoia Capital and Atomica among its earlier investors. According to Crunchbase, it has raised over $95 million over the years. Nerdshala reported that six years ago, the firm worked with some investors to raise an additional $100 million at a valuation of $1 billion, but the deal never happened.
“One of our objectives this year has been to prepare Truecaller for IPO. Thanks to the strong response we’ve received from potential investors, it looks very exciting to take the next step in this process. Truecaller listing famous . is not only a milestone for [the other co-founder]“Me and all of our employees who have contributed to making Truecaller the great platform it is today, but also to the growing Swedish tech ecosystem,” he said in a statement on Wednesday.
“Even though we are twelve years into our incredible journey, we believe this is just the beginning and we have a clear strategy in place to grow and develop our services and products. I welcome existing and new shareholders on this journey I look forward to doing it.”
Truecaller’s service allows users to avoid spam calls by identifying callers, and also filters out similar texts. The service is popular in many parts of the world, but India, where dozens of calls are received every month, is Truecaller’s largest market by users.
With Apple and Google improving the Caller ID feature in their mobile operating systems in recent years, and taking various other steps to stop spam calls, Truecaller’s offering is unmatched.
The firm – which reported operating revenue of $57 million in 2020, up from $22 million in 2018 – in India has expanded in recent years to additional categories such as financial services.
Truecaller will be the latest public exit for Sequoia Capital India this year. Venture funds, which invest the most in Indian startups, have seen five exits this year including food delivery startups Zomato and Indigo Paints.
“Truecaller has made communication smarter, safer and more efficient around the world. As smartphone use grows globally, fraud and unwanted communications follow, and Truecaller has become an indispensable platform for consumers and businesses. With a clear focus on innovation and growth, Truecaller is on an exciting journey to reach out to even more users with even better products, said Shailesh Lakhani, Managing Director, Sequoia Capital India, in a statement.