Truecaller has appointed a new chief financial officer, Odd Bolin, to prepare the company for an initial public offering (IPO). The Sweden-headquartered caller identification company also revealed that its active users grew by 25% in 2020, from 213 million at the beginning of the year to 267 million by the end. The company also became profitable and cash flow positive in 2020, it said.
Odd Bolin is coming in from Sinch, a cloud company for mobile customer engagement, where he was serving as the CFO, and which he helped take public. He also led half a dozen acquisitions at Sinch. Truecaller chief executive officer Alan Mamedi said that Bolin will play a key role in the IPO process.
We have strong confidence in Odd’s expertise and previous experience in taking high growth companies public, and we believe that he will add great value to the company and the management team.
Truecaller has not yet picked a listing venue and could list on exchanges in Sweden and the United States, Reuters reported.
India is a critical market for the company. As of October 2020, 75% of the service’s daily active users and 92% of its monthly active users came from India, totaling to about 150 Daily Active Users and 185 million Monthly Active Users. Apart from the caller ID service and anti-spam features, Truecaller also runs a subscription ‘Premium’, through which users get additional features such as knowing who searched their profiles and browsing other profiles via an incognito mode. As of May last year, the company had said that 720,000 of its 1.2 million Premium subscribers were from India.