India Remains Largest Contributor To Truecaller’s Revenue Stream

India continues to remain one of the largest contributors to caller identification platform Truecaller’s top line in the calendar year 2023, accounting for 75.8% of its total net sales for the year.

Between January and December 2023, the country added $126.5 Mn to Truecaller’s total net sales. This was down marginally 1% year-on-year (YoY) from $127.9 Mn reported in 2022.

Truecaller experienced continued growth in user numbers, with monthly active users (MAU) reaching 374 Mn in Q4, marking an increase of approximately 36 Mn users in 2023. Daily active users also saw significant growth, with an addition of 34 Mn users throughout the year, resulting in an average of 305 Mn during the fourth quarter.

In 2023, India saw a rise of 20 Mn monthly active users, while outside of India, there was an increase of 16 Mn. Although the user growth in the quarter was slightly weaker compared to previous quarters, it showed improvement towards the end of the period.

“Driven by the introduction of innovative features like Truecaller’s AI Assistant in the Indian market, it saw a 19% surge in paying users compared to the previous year, leading to a 23% increase in subscription revenues globally over the fourth quarter of 2022,” said the company.

“In a challenging global economic environment and with an increasing digital ad inventory in the Indian market, which is putting pressure on ad prices, we continue to adapt and evolve our ad model to maximise our revenues. We have also seen promising results from new ad formats, and we see great potential in more direct sales, giving us confidence in a solid recovery as market conditions improve,” the company added.

Last year, Truecaller acquired the Bengaluru-based TrustCheckr, which helps businesses verify customer information and detects the risk of fraud based on phone numbers and digital signals.

Truecaller also launched an artificial intelligence (AI)-based feature called Truecaller Assistant to help users answer calls. Currently, the assistant can converse in Hindi, English, and the Indianised ‘Hinglish’ languages in India.