The co-founders of Truecaller, a popular Swedish caller identification app, are taking a step back from their day-to-day roles within the company. Alan Mamedi and Nami Zarringhalam, who founded Truecaller in 2009, will be relinquishing control in January to Rishit Jhunjhunwala, the current product chief and head of the company’s vital Indian business. Despite stepping back, both Mamedi and Zarringhalam will continue to serve as strategic advisors and members of the board.
Truecaller has recently shown signs of improvement after a challenging period, with third-quarter revenues increasing by 15% to SKr 457.3 million ($42.3 million). Of particular note is the growth in advertising revenue, which saw an 8% increase after several quarters of decline.
Mamedi, in his final statement as chief executive, expressed confidence in the company’s trajectory, stating, “We’re approaching half a billion users, and I am convinced we can reach one billion users within a few years.” He highlighted Truecaller’s global appeal and the significant impact it has had in putting Sweden on the map in the tech world.
Jhunjhunwala, who has been with Truecaller since 2015 and holds Swedish citizenship with Indian roots, will now lead a company that is recovering after a tumultuous post-IPO period. Truecaller, which went public in October 2021, faces challenges in developed markets, particularly on the iPhone platform. To address this, the company plans to launch its “largest product improvement ever” for iOS users this quarter.
Despite the challenges, Jhunjhunwala is optimistic about the future, acknowledging the significant role that Mamedi and Zarringhalam have played in the company’s success. The transition comes at a time when Truecaller’s shares have rebounded significantly, with analysts predicting further upside potential from new market entries and revenue streams.
While Truecaller continues to face regulatory scrutiny in key markets like India, recent reports suggest that the company’s offerings are well-received compared to competitors. The accelerated third-quarter results also showed promising growth in strategic markets like Colombia and Nigeria, with a significant increase in user numbers.
In a joint statement, Mamedi and Zarringhalam expressed confidence in the company’s management team and overall direction, stating, “With these pieces in place, we are convinced that the company is well positioned for future success.” As Truecaller continues to evolve and grow, the transition to new leadership marks the beginning of a new chapter for one of Sweden’s most successful tech companies.
