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The co-founders of Swedish caller identification app Truecaller have stepped back from day-to-day operations, marking the end of an era for one of Sweden’s most successful consumer technology companies as it works towards a goal of reaching 1 billion users.
Alan Mamedi and Nami Zaringlam, who co-founded Truecaller in 2009 and are pictured above, will hand over their duties to Rishit Jhunjhunwala, the company’s head of product and head of its significant Indian business, in January. Both founders will remain as strategic advisors and members of the Board of Directors.
The succession comes as Truecaller, which runs an eponymous app for blocking unwanted calls and messages, finds its footing after a difficult period, with third-quarter revenue rising 15% to 457.3 million Swedish krona ($42.3 million). More important, advertising revenues – which had been a source of concern – rose 8% after several quarters of decline.
“We are approaching half a billion users, and I am convinced that we can reach one billion users within a few years,” Mamede said in his final quarterly statement as CEO. “We are one of the very few companies globally whose product has attracted hundreds of millions of people. In doing so, we have put Sweden on the world map, and this achievement is something that my co-founder Nami and I are incredibly proud of.”
Jhunjhunwala, who joined in 2015 and has Swedish citizenship despite his Indian roots, inherits a company finding its footing after a difficult post-IPO period. Truecaller, which went public in October 2021, dominates caller identification in emerging markets but also faces new challenges in developed economies, particularly on Apple’s iPhone platform.
The group plans to launch what executives call its “biggest product improvement ever” for iOS this quarter, matching some of Android’s capabilities. While iPhone users represent just 7% of Truecaller’s base, they generate 40% of subscription revenue – a disparity that highlights the challenges and opportunities ahead.
“Having worked closely with Alan and Nami since 2015, I know these are big jobs to fill,” said Jhunjhunwala, who oversaw product development and the company’s two largest revenue generators.
The shift comes as Truecaller shares have rebounded more than 70% from their March lows, with JPMorgan analysts noting that new entry into the market and emerging revenue streams could lead to further upside.
However, challenges remain. The company faces regulatory scrutiny in India, where it generates more than 70% of its revenue. Recent reports have suggested that Airtel’s new spam blocking tool could threaten its dominance, although early reviews favor Truecaller’s offering.
The founders’ departure was announced alongside accelerating third-quarter results, which showed promising growth in strategic markets such as Colombia and Nigeria, where user numbers jumped 40% year-on-year. U.S. subscription revenue rose more than 60% as the company focused on converting users into paying customers.
“We have a great management team in whom we have great confidence,” Mamede and Zaringlam said in a joint statement. “With these pieces in place, we are convinced that the company is well positioned for future success.”
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