Spam Blocking App Truecaller Seeks to Expand Indonesian Market
OCTOBER 12, 2021
Jakarta. Caller ID and spam blocking app Truecaller said it intends to strengthen its Indonesian presence after claiming a successful initial public offering in Nasdaq Stockholm.
The Swedish company said in a recent statement that Indonesia has become its primary market in Southeast Asia.
“According to a recent report by the company, Indonesia deals with maximum spam calls in the Asia region and is ranked 6th in the world. The company is fully geared up to help millions of Indonesian users, to engage in safe and efficient communication,” it said.
On Friday, Truecaller made its trading debut at $6.82 (60 Swedish Krona) per share on Nasdaq Stockholm, up 15.4 percent from the company's listing price, giving the company a market cap of about $2.5 billion.
The offering comprised 53.4 million Class B shares, of which 19.2 million are newly issued Class B shares and 34.2 million Class B shares sold by specific existing shareholders, including among others, the company’s founders Alan Mamedi and Nami Zarringhalam, Sequoia Capital India, Atomico, and Kleiner Perkins.
“A gratifying journey began twelve years ago, that has resulted in Truecaller becoming the leading global platform for verifying contacts and blocking unwanted communication with 280 million active users and 500 million app downloads,” Mamedi was quoted as saying.
The app enables customers to embrace safe and efficient communication by providing an accurate caller ID and spam detection services, to facilitate additional communication solutions, for 280 million individual customers and 500 corporate users across the world.
In the company’s Calling report published last year, it was stated that Truecaller’s advanced technology successfully blocked and identified 31.3 billion spam calls worldwide.
The app is among the top 10 in 20 countries, including Indonesia, Malaysia, Nigeria, and South Africa.