Truecaller Co-founders step down, the popular Swedish caller identification app, are stepping down from day-to-day operations. Alan Mamedi and Nami Zarringhalam, who founded the company in 2009, will hand over leadership to Rishit Jhunjhunwala in January. Jhunjhunwala is the company’s product chief and leads its important Indian market.
Though Mamedi and Zarringhalam will no longer manage daily tasks, they will remain with the company as strategic advisors and board members.
A Proud Legacy and the Road Ahead
In his final quarterly statement as CEO, Mamedi shared his pride in Truecaller’s success. He said, “We’re approaching half-a-billion users, and I am convinced we can reach one billion users within a few years. We are one of the few companies globally whose product has attracted hundreds of millions of people. By doing that, we have put Sweden on the world map, and Nami and I are incredibly proud of that achievement.”
New Leadership During a Key Time
Rishit Jhunjhunwala, who joined Truecaller in 2015, will now lead the company through a crucial phase. After the company’s IPO in 2021, its stock value struggled. Last year, the stock dropped more than 32% overnight after Truecaller reported a 20% decline in advertising revenue.
However, the company has since seen a strong recovery, with stock value nearly doubling in recent months.
Positive Financial Results
Truecaller reported a 15% increase in third-quarter revenues, reaching SEK 457.3 million ($42.3 million). Advertising revenue also grew by 8% during this period, easing concerns about its important ad revenue stream.
The company is also seeing significant growth in key international markets. In Colombia and Nigeria, user numbers jumped by 40% year-over-year. In the U.S., subscription revenues grew by more than 60% as Truecaller focused on converting free users to paying customers.
Strong Future Outlook
Analysts from JPMorgan have highlighted that Truecaller’s continued expansion into new markets and emerging revenue streams could drive even more growth. With new leadership in place and the company’s recent success, Truecaller’s future looks bright as it continues to grow globally.
