In the first quarter of 2023, it was reported that India accounted for around 75.5 per cent of the total net sales of Truecaller across its revenue streams like Truecaller Premium subscriptions, Trucaller for Business and Ads. The company stated that the average number of active users (MAU) increased by 34.3 million to approximately 350 million monthly active users, out of which 249 million monthly active users are in India alone.
Truecaller reported that India alone has generated 75.5% of its Q1 net sales from all revenue streams, including Truecaller for Business, Premium subscriptions, and Ads services. The company also revealed an increase of 34.3 million in monthly active users (MAU), reaching around 350 million, with India accounting for 249 million of these users.
Truecaller's revenue of $3.3 million in Q1 came from its Truecaller for Business service, which is in high demand in India. The company reported a significant growth in the number of connected customers, particularly in the banking and financial services sector. Truecaller for Business' portfolio of accounts showed year-on-year growth of 57%, with new clients such as ICICI Prudential, Airtel Payments, and Godrej Housing Finance being onboarded during the quarter.
During the first quarter, Truecaller marked a significant milestone in India by opening its largest office space outside of Sweden in Bengaluru. Despite India remaining a key market for the company, Truecaller also experienced growth in sales in the Middle East and Africa by 13%, and a 1% growth in the rest of the world. The company reported an adjusted EBITDA of $14.6 million with an EBITDA margin of 39% in Q1. Furthermore, Truecaller for Business has expanded its services to 36 countries, serving active customers worldwide.
"Truecaller witnessed an exponential growth in ad revenue during this quarter, primarily attributed to the start of the Indian Premier League (IPL), as well as the improvements being made to the company's ad-tech platforms," said the company.
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Inputs from IANS
