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Truecaller’s Q4FY23 result showcase continued growth and increased focus on recurring revenues

Truecaller, the leading global communications platform for verifying contacts and blocking unwanted communication, has reported an increased EBITDA with 24% to SEK 169 million and an EBITDA margin of 39.7% in the fourth quarter.

Q4 2023 Impact on the Indian Market:

India continues to remain one of the biggest markets for Truecaller as the region accounted for 75.8% of the total net sales of Truecaller for the year, owing to all three revenue streams – Truecaller for Business, Premium subscriptions and Ads. In the fourth quarter, India accounted for 73.6 % of the total net sales of Truecaller

The average number of active users (MAU) increased by 36 million to approximately 374 million, out of which 259 million monthly active users are in India alone. In 2023, monthly active users increased by 20 million in India.

Driven by the introduction of innovative features like Truecaller’s AI Assistant in the Indian market, Truecaller 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.

Truecaller continuously measures customer satisfaction in terms of the willingness to recommend Truecaller as a product. In the latest survey, the NPS in India reached 62, which is an all-time-high result and a significant improvement from already high levels.

The fourth quarter was the strongest yet for Truecaller for Business in terms of customer uptake. The customer base now consists of more than 2,500 larger companies, and the trend of customers opting for higher-priced plans continues. Additionally, the revenue from Truecaller for Business (TfB) increased by 42 percent to SEK 49.6 million. The demand for these services is still very high in India, and the number of connected customers continues to show good growth in the country.

In the year, Truecaller acquired the Indian company Unoideo Technologies Pvt Ltd which provides the service TrustCheckr, that provides a fraud detection service. Through a SaaS platform, TrustChekr helps businesses verify customer information and detect risk of fraud based on phone numbers and digital signals.

Together, with the decision on new data protection legislation taken in 2023, and the new regulatory frameworks, Truecaller is set to further expand operations in India

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