Truecaller, a global platform for verifying contacts and blocking unwanted communication, has reported an adjusted EBITDA of SEK 150 million ($14.6 million), and an EBITDA margin of 39 percent in the first quarter of 2023.

The company saw a 13 percent sales growth increase in the Middle East and Africa and a one per cent sales growth in the rest of the world. The average number of its active users (MAU) increased by 34.3 million to approximately 350 million monthly active users, out of which 249 million monthly active users are in India alone.

The company has claimed that India accounted for 75.5 per cent of the total net sales of Truecaller, owing to all three revenue streams – Truecaller for Business, Premium subscriptions and Ads

Revenue from Truecaller for Business (TfB) amounted to SEK 34.4 million ($3.3 million) According to a statement, 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 36 countries.

Truecaller for Business’ portfolio of accounts has showcased a 57 per cent year-on-year growth, with the strongest interest received from the banking and financial services sector, with brands such as ICICI Prudential, Airtel Payments and Godrej Housing Finance onboarded as new clients during this quarter. 

The company also witnessed growth in ad revenue during this quarter mostly because of the start of the Indian Premier League (IPL). The company also acquired a four per cent stake in the Singapore-based gaming company Mayhem Studios Private Limited for $3.1 million.  
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