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Truecaller is looking to raise $100 mn at a valuation of $1 bn

Truecaller, a caller
ID app that now has 150 million users, is reportedly looking to
raise around $100 million at a $1 billion valuation.

Truecaller, a caller
ID app that now has 150 million users, is reportedly looking to
raise around $100 million at a $1 billion valuation.

According to a
TechCrunch report, Truecaller has hired Morgan Stanley to lead the process, and
there are term sheets out. The round is likely to have previous
and new investors. Hitherto, True Software, maker of Truecaller, has
raised around $80 million. Previous investors include Atomico, Kleiner
Perkins Caufield & Byers, Sequoia Capital, Access Partners and Open
Ocean.

The plan will
be to use the funds to grow the product. Truecaller, founded in
Sweden, has seen a lot of traction in markets like India, its biggest market at
80 million users. Now it wants to expand elsewhere, like the U.S., and will be
building out the company’s office in the Bay Area. The company is projected to
hit 300 million users this year reports TechCrunch.

Truecaller works
by aggregating directory services via deals with white pages companies, and
platforms like Yelp to bring in businesses. It complements this with
crowdsourced information from the app’s users. That includes accessing your own
address book, although you can opt out. Individual users can also opt out from
being listed.

It then uses big
data analytics and machine learning to offer additional services
beyond caller ID such as predicting who you might want to call next based
on where you are and what time of day it is, or what the top-reported spam
number is in your area at the moment. Other features include spam
blocking, directory services and “smart” SMS services.

The company
makes revenues through in-app purchases for premium features, as well as
advertising within the app. The company’s country manager for India has also
reportedly said that Truecaller may launch a paid version by the
end of this year.

A source close
to the company told TechCrunch that Twitter and Google are among the companies
that have looked at investing. Twitter would invole both investment and
partnership, from what we understand. Twitter has already been working
with Truecaller since 2013.

Twitter’s deal
with Truecaller lets users find people on Twitter via their phone numbers,
and subsequently follow and Tweet to them via the Truecaller app. This
helps Twitter drive more usage of its service, both from Twitter users and
newbies.

Truecaller’s
earlier iteration focused on providing a mobile phone directory and
caller ID service to users. At the same time, Truecaller has been growing its
scope, expanding features and functionality and developing a suite of
related apps. These include the SMS app “Truemessenger” (currently only
live in India) and an Android dialer called Truedialer.

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