Truecaller has experienced a remarkable revenue boost in Q1 2023, with India leading the charge by contributing to 75.5% of the company’s total net sales. This substantial revenue came from various streams including Truecaller Premium subscriptions, Truecaller for Business, and ad services.
The popular caller identification app reported a significant surge in active user engagement. The average number of monthly active users (MAU) saw an increase by 34.3 million, hitting an impressive total of roughly 350 million. Out of this figure, a staggering 249 million MAUs were from India.
Truecaller’s ‘For Business’ service, which has witnessed soaring demand in India, generated a revenue of $3.3 million in Q1. Notably, the company experienced an uptick in the number of connected customers, particularly in the banking and financial sector. The Truecaller for Business portfolio witnessed a year-on-year growth of 57%, adding prominent clients such as ICICI Prudential, Airtel Payments, and Godrej Housing Finance during the period.
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In a significant move, Truecaller inaugurated its largest office space outside Sweden in Bengaluru, India during the first quarter, underlining India’s importance to the company. Despite India’s dominance, Truecaller also observed sales growth of 13% in the Middle East and Africa and a 1% increase in the rest of the world.
The company reported an adjusted EBITDA of $14.6 million, boasting an EBITDA margin of 39% in Q1. Furthermore, Truecaller for Business has extended its services to 36 countries, catering to active customers globally.
The company attributed its exponential growth in ad revenue during the quarter to the commencement of the Indian Premier League (IPL) and enhancements made to its ad-tech platforms.
The information in this article is based on a report from the IndiaTVNews website.