Truecaller adds 23.3 million users in India during first quarter of CY24

India continues to remain one of the biggest markets for Truecaller as the region accounted for the bulk of its user base. For the first quarter of CY2024 ended March 31, 2024 the user base of the firm touched 272.6 million. An addition of 23.3 million users compared to Q1 of CY23.

Net sales of the company increased by 8 per cent 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, out of which 272.6 million monthly active users are in India alone.

The daily active users (DAU) grew by 36 million in 2024, reaching an average of 314 million during the quarter, out of which 234.4 million daily active users are based in India.

“India continues to remain one of the biggest markets for Truecaller as the region accounted for 74.2 per cet of the total net sales of Truecaller, owing to all three revenue streams – Truecaller for Business, Premium subscriptions and Ads,” said the company.

Revenue from Truecaller for Business (TfB) increased by 44 per cent 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 per cent surge in global ad revenue compared to the first quarter of 2023, largely driven by the heightened demand for digital advertising coinciding with the Indian Premier League (IPL).

In the quarter, Truecaller launched its Call Recording feature in the Indian market, which enables users to record and transcribe all calls, in English and Hindi. The new addition provides users with the ability to record incoming and outgoing calls directly within the Truecaller app. The product is now available across India on Android as well as on iOS.

For the first quarter, advertisement revenue increased by 5 per cent YoY. One of the reasons for a bump up in ad revenue was the Indian Premier League (IPL).

“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,” said Alan Mamedi, CEO and co-founder, Truecaller.

He further added: “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. This is in contrast to last year, when the majority of IPL-related income was almost entirely recorded in Q2.