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Truecaller To Raise $100 Million For Expansion Plans

July 30, 2015 - Written By Ricardo Trevizo

Truecaller is an application designed to improve your device’s phonebook, which despite the astounding advances in technology has remained basically unchanged. This is the main reason behind Truecaller, which replaces your outdated phonebook with a smarter set of features to improve the overall dialer experience. The team behind Truecaller, recently announced that its flagship app now has over 150 million unique users, which marks a significant milestone for the company. Truecaller has rapidly expanded ever since its original release in 2009, with more than 10,000 downloads within just one week; since then, Truecaller’s co-founders Alan Mamedi and Nami Zarringhalam saw that the application had the potential to fulfill their vision of making it easier for people all around the world to communicate with each other. Today, according to new reports, the company announced its intentions to raise around $100 million with a $1 billion valuation to help Truecaller further expand and improve the great service.

Truecaller is currently backed by some of the world’s most prominent investors, such as Atomico, Kleiner Perkins Caufield & Byers, Sequoia Capital, Access Partners and Open Ocean. This means that the company already has a good amount of money saved up, at around $80 million, but is still short of its goal. Truecaller has been greatly appreciated in Indian markets, with 80 million users, but it is still not as well-adopted in countries such as the United States. The company will use the raised funds to expand the reach of the application to more countries, which will be achieved with the help of a new office in the Bay Area. Truecaller is expected to continue growing exponentially, reaching at least 300 million users by the end of this year.

The main function of the application is to directly offer a database of the different directory services through special deals with whitepages companies and other applications such as Yelp. In addition to this, Truecaller also offers a useful predictive feature which uses big data analytics and machine learning to provide the user with the contact of the person or company you might want to call next, depending on both time and place, and a great crowdsourced spam blocking. If you are someone that actually uses his or her smartphone to make calls, give Truecaller a shot.