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Truecaller Wants To Raise Over $100 Million In Stockholm IPO

Experts suggest that the upcoming IPO could take the company’s valuation to $3 billion.

Published

3 years ago

on

truecaller wants to raise over $100 million in stockholm ipo
Truecaller

Truecaller, a smartphone app that identifies unknown callers has announced that it would like to raise $116 million in an initial public offering (IPO) on Nasdaq Stockholm.

The company will be listing its Class B shares (common stocks or preferred stocks offering fewer advantages than Class A) by the end of the fourth quarter of this year.

“One of our objectives this year has been to prepare Truecaller for an IPO. Thanks to the strong feedback that we’ve received from potential investors, it feels very exciting to take the next step in this process,” commented Alan Mamedi, CEO of Truecaller.

When Truecaller completed a previous funding round in 2018, the company was valued at more than $680 million. Now, some experts are saying that the upcoming IPO could take its valuation to $3 billion.

The money raised in the IPO will be used for future growth, for general corporate purposes, and to provide strategic flexibility for opportunistic acquisitions, as explained by Truecaller in the official press release.

Truecaller was founded back in 2009, and it currently has more than 400 employees. Its user base is almost 300 million large, and most of its monthly active users (92 percent) are located in India. In fact, 720,000 of its 1.2 million Premium subscribers were from India, according to May 2020 statistics. Another major market for Truecaller is the MENA region where traditional phone directories have little presence.

Also Read: Abu Dhabi Has Dropped Business Setup Fees By Up To 94%

Unlike many other similar solutions, Truecaller is a complete communication solution that eliminates the needs to switch to other apps, providing a spam-free inbox for text messages and an intelligent dialer that can reveal the names of unknown numbers.

The Premium version of Truecaller brings to the table a number of other features, including the ability to record phone calls and track upcoming bills and other important items.

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UAE Prepares To Launch Two Satellites: Thuraya-2 And MBZ-SAT

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum chaired the first meeting of the Supreme Space Council yesterday.

Published

5 days ago

on

December 17, 2024

By

uae prepares to launch two satellites thuraya-2 and mbz-sat

HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Deputy Prime Minister of the UAE, chaired the first meeting of the Supreme Space Council in Dubai on December 16, 2024. The session highlighted the UAE’s ambitious space plans and took stock of the sector’s economic progress.

The council emphasized the growing role of private companies in advancing space technologies, noting that their contributions are now equal to that of the public sector. Members also praised initiatives like the Space Economic Zones Programme, which are designed to fuel innovation and investment in the space industry.

Discussing the UAE’s space journey, HH Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum remarked, “The national space sector continues to grow and advance, and we take immense pride in the remarkable achievements we have accomplished over the years”.

Sheikh Hamdan also received updates on two upcoming satellite projects: Thuraya-2 and MBZ-SAT. Thuraya-2, developed by Space42, is slated for launch this December. Meanwhile, the MBZ-SAT, created by the Mohammed Bin Rashid Space Centre (MBRSC), will soon follow. MBRSC, a major driver of the UAE National Space Programme, continues to lead the nation’s space-related developments.

Space42 took the opportunity to showcase its advancements, including ongoing collaborations between public and private entities. The company also outlined strategies to promote innovation, boost revenue streams, and create new opportunities for growth in the sector.

Also Read: IBM Opens New Doha Office To Support Qatar’s Digital Growth

The UAE’s current projects build on a growing legacy of space exploration. Back in 2020, the nation made headlines with its Mars mission, successfully sending a probe into the planet’s orbit in 2021. This mission, which is now in its second phase as of June 2024, has been collecting critical data to develop a comprehensive diurnal image of Mars.

The UAE also ventured into lunar exploration with an unmanned mission aimed at studying untouched regions of the Moon’s surface. While the probe ultimately crashed during its landing attempt after communication was lost seconds before touchdown, the effort represented a significant step in the country’s exploration ambitions.

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