The co-founders of Swedish caller identification app Truecaller are stepping again from day-to-day operations, marking the tip of an period for one in all Sweden’s most profitable shopper know-how firms because it pushes towards a purpose of 1 billion customers.
Alan Mamedi and Nami Zarringhalam, pictured above, who co-founded Truecaller in 2009, will hand over management in January to Rishit Jhunjhunwala, the corporate’s product chief and head of its essential Indian enterprise. Each founders will stay as strategic advisors and board members.
The succession comes as Truecaller, which operates an eponymous spam-calls and messages blocking app, finds its footing after a difficult interval, with third-quarter revenues rising 15% to SKr 457.3 million ($42.3 million). Extra considerably, promoting income – a current supply of concern – grew 8% after a number of quarters of decline.
“We’re approaching half a billion users, and I am convinced we can reach one billion users within a few years,” mentioned Mamedi in his closing quarterly assertion as chief govt. “We are one of the very few companies globally whose product has managed to attract hundreds of millions of people. By doing that we have put Sweden on the world map, [and] that accomplishment is something my co-founder Nami and I are incredibly proud of.”
Jhunjhunwala, who joined in 2015 and holds Swedish citizenship regardless of his Indian roots, inherits an organization that’s rebounding after a rocky post-IPO interval. Truecaller, which went public in October 2021, dominates caller identification in rising markets but in addition faces recent challenges in developed economies, notably on Apple’s iPhone platform.
The group plans to launch what executives name its “largest product improvement ever” for iOS this quarter, matching a few of its Android capabilities. Whereas iPhone customers characterize simply 7% of Truecaller’s base, they generate 40% of its subscription income – a disparity that highlights each the challenges and alternatives forward.
“Having worked closely with Alan and Nami since 2015, I know these are big shoes to fill,” mentioned Jhunjhunwala, who has overseen product improvement and the corporate’s two largest income streams.
The transition comes as Truecaller’s shares have rebounded greater than 70% from March lows, with JPMorgan analysts noting that new market entries and rising income streams may drive additional upside.
But challenges stay. The corporate faces regulatory scrutiny in India, the place it generates over 70% of revenues. Current reviews advised that Airtel’s new spam-blocking instrument may threaten its dominance, although early opinions favor Truecaller’s providing.
The founders’ departure was introduced alongside accelerated third-quarter outcomes, which confirmed promising development in strategic markets like Colombia and Nigeria, the place consumer numbers jumped 40% year-over-year. US subscription revenues additionally rose greater than 60% as the corporate centered on changing customers to paying prospects.
“We have a fantastic management team in whom we have immense trust,” mentioned Mamedi and Zarringhalam in a joint assertion. “With these pieces in place, we are convinced that the company is well positioned for future success.”
