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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.

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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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Abu Dhabi To Develop $1 Billion eSports Island Facility

Positioned along the picturesque Al Raha beach, the venue is poised to become a focal point for gaming enthusiasts worldwide.

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abu dhabi uae to develop $1 billion esports island facility
True Gamers

Despite the economic slowdown of global eSports, the Middle East has emerged as a beacon of innovation and investment, particularly in infrastructure aimed at attracting top talent. According to a report by BCG, the region’s population exhibits a remarkable fondness for gaming, with over 60% actively participating and some of the highest figures of mobile game downloads in the world.

The latest addition to the UAE’s burgeoning eSports landscape is Abu Dhabi’s ambitious eSports Island project. Positioned between the Al Bandar and Al Dana developments along the picturesque Al Raha beach, the island is poised to become a focal point for esports enthusiasts worldwide.

True Gamers — a key player in the gaming industry — has pledged a substantial investment of $280 million to develop Abu Dhabi’s eSports Island. Upon completion, the project is anticipated to cost a staggering $1 billion.

true gamers esports island details

The island will boast state-of-the-art amenities geared towards training aspiring eSports professionals and hosting international tournaments. The GG Bootcamp, equipped with cutting-edge gaming infrastructure, will provide a comprehensive training facility, dedicated rest areas and even nutrition programs.

At the heart of the eSports Island lies the True Gamers (TG) Arena, envisioned as a premier venue for hosting high-profile competitions with thousands of spectators. Adaptable spaces are designed to cater to various gaming formats and genres, and the arena will also serve as a hub for digital exhibitions and conferences. Additionally, the Digital Tower will offer a collaborative workspace for developers, and the island will host tourists and event goers in 200 rooms with in-built gaming computers.

Also Read: Top 10 Best Video Games Set In The Middle East

Establishing an eSports hub in Abu Dhabi will reinforce the UAE’s position as a global market leader, capitalizing on the region’s growing appetite for gaming. As international tournament organizers increasingly focus on the Middle East, the unveiling of Abu Dhabi’s eSports Island heralds a new era of innovation and growth for the industry.

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