India accounts for over 75% of Truecaller’s net sales in Q1

New Delhi, May 11 (SocialNews.XYZ) India accounted for 75.5 per cent of the total net sales of Truecaller across revenue streams -- Truecaller for Business, Premium subscriptions and Ads -- in the first quarter of this year, the company said on Thursday.

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.

Revenue from Truecaller for Business amounted to $3.3 million. The company said that demand for these services is still very high in India, and the number of connected customers continues to show good growth in the country.

Truecaller for Business' portfolio of accounts has showcased a 57 per cent (year on year) growth, with the strongest interest received from the banking and financial services sector, with brands such as ICICI Prudential, Airtel Payments and Godrej Housing Finance onboarded as new clients during this quarter.

In the quarter, Truecaller also opened its largest office space outside Sweden in Bengaluru, marking a significant milestone in the company's journey in the country.

While India continues to remain one of the biggest markets for Truecaller, the company saw a 13 per cent sales growth increase in the Middle East and Africa, and a 1 per cent sales growth in the rest of the world.

Truecaller reported an adjusted EBITDA of $14.6 million and an EBITDA margin of 39 per cent in Q1. Truecaller for Business now has active customers in 36 countries.

"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.

Source: IANS