The co-founders of Swedish caller identification app Truecaller are stepping back from day-to-day operations, marking the end of an era for one of Sweden’s most successful consumer technology companies as it pushes towards a goal of 1 billion users.
Alan Mamedi and Nami Zarringhalam, who co-founded Truecaller in 2009 and pictured above, will hand over to Rishit Jhunjhunwala, the company’s product chief and head of its crucial Indian business, in January. Both founders will remain as strategic advisors and board members.
The succession comes as Truecaller, which operates an eponymous spam-calls and messages blocking app, finds its footing after a challenging period, with third-quarter revenues rising 15% to SKr 457.3 million ($42.3 million). More significantly, advertising revenue – which had been a source of concern – grew 8% after several quarters of decline.
“We’re approaching half a billion users, and I am convinced we can reach one billion users within a few years,” said Mamedi in his final quarterly statement as chief executive. “We are one of the very few companies globally whose product has managed to attract hundreds of millions of people By doing that we have put Sweden on the world map, that accomplishment is something my co-founder Nami and I are incredibly proud of.”
Jhunjhunwala, who joined in 2015 and holds Swedish citizenship despite his Indian roots, inherits a company that is finding its footing after a rocky post-IPO period. Truecaller, which went public in October 2021, dominates caller identification in emerging markets but also faces fresh challenges in developed economies, particularly on Apple’s iPhone platform.
The group plans to launch what executives call its “largest product improvement ever” for iOS this quarter, matching some of its Android capabilities. While iPhone users represent just 7% of Truecaller’s base, they generate 40% of subscription revenue – a disparity that highlights both the challenges and opportunities ahead.
“Having worked closely with Alan and Nami since 2015, I know these are big shoes to fill,” said Jhunjhunwala, who has overseen product development and the company’s two largest revenue streams.
The transition comes as Truecaller’s shares have rebounded more than 70% from March lows, with JPMorgan analysts noting that new market entries and emerging revenue streams could drive further upside.
Yet challenges remain. The company faces regulatory scrutiny in India, where it generates over 70% of revenues. Recent reports suggested that Airtel’s new spam-blocking tool could threaten its dominance, though early reviews favor Truecaller’s offering.
The founders’ departure was announced alongside accelerated third-quarter results, which showed promising growth in strategic markets like Colombia and Nigeria, where user numbers jumped 40% year-on-year. US subscription revenues rose more than 60% as the company focused on converting users to paying customers.
“We have a fantastic management team in whom we have immense trust,” said Mamedi and Zarringhalam in a joint statement. “With these pieces in place, we are convinced that the company is well positioned for future success.”
