India Remains Truecaller's Top Revenue Source In Q1 CY24

I-T Dept Raids Truecaller’s India Offices In Tax Evasion Case

SUMMARY

Truecaller’s operating revenue in India stood at $29.2 Mn (INR 244.2 Cr) in Q1 CY24, up 8% YoY

The number of average monthly and daily active users in India increased by nearly 8.5% and 11% YoY, respectively, during the quarter

India contributed $126.5 Mn to Truecaller’s total net sales in FY23

India continued its reign as Swedish caller identification platform Truecaller’s largest market as the country accounted for 74.2% of its total net sales in the first quarter (Q1) of the calendar year 2024 (CY24).

India contributed $29.2 Mn (INR 244.2 Cr) to Truecaller’s operating revenue in the quarter ended March 2024, up 8% YoY. In contrast, net sales jumped 9% YoY in Africa and the Middle East, and 24% YoY in the rest of the world.

Overall, Truecaller’s total revenue from operations grew 10% YoY to $39.4 Mn (approximately INR 329.3 Cr) in the quarter under review as against $35.7 Mn (INR 298.4 Cr) in the year-ago period.

“… While overall ad demand remains subdued, the timing of events like the Indian Premier League (IPL) cricket tournament, which began in the first quarter of 2024 as opposed to 2023, also contributed positively to this quarter’s performance. Our expectation is that income from the full IPL season will be significantly lower in 2024 compared to 2023, with revenue evenly distributed between Q1 and Q2,” said Truecaller in a statement.

Truecaller posted a profit after tax (PAT) of $12.3 Mn in Q1 CY24, up 22% from $10.08 Mn posted in the year-ago period.

On the operatonal front, Truecaller’s average number of global monthly active users rose by 39 Mn to 383.4 Mn at the end of March 2024. Of these, 272.6 Mn were from India alone.

Meanwhile, the country accounted for 234 Mn of the company’s 314 Mn total average daily active users at the end of quarter. The Swedish giant’s average monthly and daily active users in India increased by nearly 8.5% and 11% YoY during the quarter.

The upbeat numbers come as Truecaller continues to bolster its offerings in the country. In February this year, it rolled out its AI-powered call recording feature to Indian users. Last year, it also unveiled its AI-based feature called Truecaller Assistant to help users answer calls, which can converse in Hindi, English, and the Indianised ‘Hinglish’ languages in India.