Truecaller revenue more than doubles in first post-IPO earnings report

Swedish mobile phone directory and caller identification service Truecaller reported a 129% rise in quarterly revenue in its first earnings report as a public company.

Revenue rose to 312.8 million Swedish crowns ($36.48 million) from 136.5 million crowns a year earlier while monthly active users rose 20% from a year earlier to around 292 million.

“All the investments we have done on the tech side in regards to an ad tech platform, Truecaller for business and subscriptions are showing results for us,” CEO Alan Mamedi said in an interview.

The company, which counts India as its biggest market, listed its Class B shares late last month.

Mamedi and Nami Zarringhalam, who co-founded Truecaller in 2009, intend to control a majority of the company’s voting power through ownership of Class A shares.

While Truecaller has most customers among Android phone users, it is rolling out a new technology for iPhones, with U.S. as the first market.

“It’s very similar to the Android experience and so far the feedback we received from customers in the U.S. are positive,” Mamedi said.

Adjusted core earnings at the company nearly tripled to 117.7 million crowns.