Economic news

Sweden's Truecaller Plans to Go Public, Hires CFO - Sources

STOCKHOLM (Reuters) - Swedish mobile phone directory and caller identification service Truecaller has hired a chief financial officer as it plans to go public as early as the end of this year, two sources familiar with the matter said.

Odd Bolin, Truecaller’s new finance chief, was previously group CFO at Swedish cloud computing services provider Sinch, a company which he helped to take public.

While Stockholm-based Truecaller has not finalized the amount it plans to raise, it is aiming for a valuation of more than $1 billion, the sources told Reuters.

Founded in 2009 by Alan Mamedi and Nami Zarringhalam, the company had raised money from Sequoia, Skype co-founder Niklas Zennstrom’s Atomico investment firm as well as from Kleiner Perkins Caufield & Byers.

It had also raised money from Sebastian Siemiatkowski, chief executive of payments provider Klarna.

Several European companies such as Klarna and online food delivery firm Deliveroo have been preparing to make the jump to the public market this year, benefiting from faster growth in digital business during the COVID-19 pandemic.

Truecaller has not yet picked a listing venue and exchanges in Sweden and the United States are in contention for its planned flotation, the sources said.

The company, which has been profitable, has 267 million monthly active users and counts India as its biggest market.

Reporting by Supantha Mukherjee and Helena Soderpalm; Editing by Alexander Smith

Source: Reuters


To leave a comment you must or Join us

More news

Back to economic news list

By visiting our website and services, you agree to the conditions of use of cookies. Learn more
I agree