Truecaller’s Q1 2023 Results Show 75% of Revenue and Daily Active Users From India
- ByStartupStory | May 12, 2023
Truecaller’s quarterly figures show that India continues to dominate the caller identification platform, accounting for over 75% of its revenue in the first quarter (Q1) of 2023. Although net sales in India decreased by 1% to SEK 292.2 million ($28.3 million) in the quarter ended March 2023, compared to SEK 296.6 million ($28.72 million) in the same period last year, revenue from India represented 75.5% of the Swedish company’s total revenue of SEK 387.1 million ($37.49 million) in Q1 CY23.
Truecaller reported that there is a high demand for its B2B-focused Truecaller for Business (TfB) product in India. However, the company did not disclose India’s contribution to the total revenue of SEK 34.4 million ($3.3 million) generated by the vertical in Q1 CY23. It did mention that the banking and financial services sector showed strong interest in TfB, with prominent names like ICICI Prudential, Airtel Payments Bank, and Godrej Housing Finance joining during the quarter.
In Q1 CY23, India remained the largest market for Truecaller with a staggering 24.9 crore users, constituting more than 72% of the platform’s total monthly active users (MAU). This marks a significant 9.4% YoY growth in the number of Indian users. Furthermore, the country’s daily active users (DAU) also increased by 10.2% YoY to 20.8 crore, making up 75% of Truecaller’s overall DAU count.
In India, the Average Revenue Per User (ARPU) for premium Truecaller subscriptions was SEK 4.77 ($0.46), which is significantly lower than the global average of SEK 8.34 ($0.81). On the other hand, the Cost Per Mille (CPM) impressions for ad sales in India stood at SEK 0.84 ($0.081), which is lower than the worldwide average of SEK 0.94 ($0.091). In contrast, the CPM in the Middle East and Africa was higher at SEK 1.37 ($0.13).
Truecaller’s adtech revenue in Q1 CY23 experienced a decline of 10% YoY, falling from SEK 339 Mn ($32.76 Mn) in the previous year’s corresponding quarter to SEK 303.9 Mn ($29.37 Mn). This drop was mainly due to the late start of the Indian Premier League (IPL), which negatively impacted the company’s ad revenue. Additionally, lower demand, a seasonally weak first quarter, and a reduction in marketing campaigns by large enterprises also contributed to the decline.
According to Truecaller’s CEO, Alan Mamedi, “the ads market tends to experience its weakest quarter in the first quarter, seasonally. In Q1 CY23, this trend was more apparent, given that the revenue related to Indian Premier League (IPL) for 2023 was entirely recognized in the second quarter, whereas it was partially recognized in Q1 CY22”.
Truecaller has revealed its intention to concentrate on the rapidly growing gaming industry in India, emphasizing its acquisition of a minority stake in Singapore-based game development firm Mayhem Studios. The company’s strategic move is in line with its recent milestone of surpassing 250 Mn active users in India. Furthermore, in March, Truecaller expanded its presence by establishing its first office outside Sweden, located in Bengaluru.
Truecaller has recently introduced various new services, such as a beta caller identification feature available on WhatsApp and other messaging apps, as well as a digital government directory. India is one of its primary markets, but the company has been affected by regulatory changes, including the Telecommunications Bill 2022 and the Digital Personal Data Protection Bill 2022, similar to other technology firms.
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