New Delhi, Feb 20 (IANS) India remains a significant market for Truecaller as it accounted for 75.8 per cent of the total net sales of the caller identification app for FY23. The company witnessed growth across revenue streams in India, with the average number of active users increasing by 36 million to approximately 374 million, out of which 259 million monthly active users are in India alone.
In the fourth quarter (Q4 FY23), India accounted for 73.6 per cent of the total net sales of Truecaller. The company attributed the growth in India to the introduction of innovative features like Truecaller’s AI Assistant, which led to a 19 per cent surge in paying users compared to the previous year, and a 23 per cent increase in subscription revenues globally over the fourth quarter of 2022.
The customer base now consists of more than 2,500 larger companies, and Truecaller recently acquired Indian company Unoideo Technologies Pvt Ltd, which provides a fraud detection service. The company stated that with the decision on new data protection legislation in 2023, and the new regulatory frameworks, Truecaller is set to further expand operations in India.
“In 2023, monthly active users increased by 20 million in India,” said the company. The growth in India’s market is significant, as the country continues to be one of the biggest markets for Truecaller.
Truecaller for Business, Premium subscriptions and Ads all contributed to the growth in India, and the company is optimistic about further expansion in the region due to the new regulatory frameworks and the acquisition of Unoideo Technologies Pvt Ltd.
The company’s focus on the Indian market has paid off, and with the increasing number of active users and the acquisition of a fraud detection service, Truecaller is poised for further growth in India, solidifying its position as a dominant player in the caller identification app market.
India remains a key market for Truecaller, and with the growth witnessed in 2023, the company is optimistic about expanding its operations in the country, in line with the new data protection legislation and regulatory frameworks.
