Truecaller adds 23.3 million users in India during the first quarter of CY24
India remains one of the largest markets for Truecaller as the region accounted for the majority of its user base. For the first quarter of CY2024 ended March 31, 2024, the company’s user base was 272.6 million. An increase of 23.3 million users compared to the first quarter of CY23.
The company’s net sales rose 8 percent in India, reaching SEK 316.8 million in the first quarter, compared to SEK 292.2 million in the corresponding quarter of the previous year.
Truecaller’s user base in India also continued to grow. The average number of active users (MAU) increased by 39 million to approximately 383.4 million monthly active users, of which 272.6 million monthly active users are in India alone.
The number of daily active users (DAU) grew by 36 million in 2024 and reached an average of 314 million during the quarter, of which 234.4 million daily active users are based in India.
“India remains one of the largest markets for Truecaller as the region accounted for 74.2 percent of Truecaller’s total net revenue, driven by all three revenue streams: Truecaller for Business, Premium Subscriptions and Advertising,” the company said .
Truecaller for Business (TfB) sales increased by 44 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. Truecaller for Business now has active customers in 37 countries.
During the quarter, Truecaller reported a 5 percent increase in global advertising revenue compared to the first quarter of 2023, largely driven by increased demand for digital advertising coinciding with the Indian Premier League (IPL).
During the quarter, Truecaller launched Call Recording feature in the Indian market, which allows users to record and transcribe all calls, in English and Hindi. The new addition allows users to record incoming and outgoing calls directly in the Truecaller app. The product is now available across India on both Android and iOS.
In the first quarter, advertising revenue rose 5 percent year-on-year. One of the reasons for the increase in advertising revenue was the Indian Premier League (IPL).
“While overall advertising demand remains subdued, the timing of events such as the Indian Premier League (IPL) cricket tournament, which started in the first quarter of 2024 rather than 2023, also contributed positively to this quarter’s performance ” said Alan Mamedi, CEO and co-founder Truecaller.
He added: “Our expectation is that revenues from the full IPL season will be significantly lower in 2024 compared to 2023, with revenues spread evenly between Q1 and Q2. This is in contrast to last year, when the majority of IPL-related revenue was recorded almost entirely in the second quarter.
First print: May 07, 2024 | 6:21 PM IST