Private Equity

Liquidity Events

Sequoia India-backed caller-identification enabler Truecaller to raise $116-M in IPO

MoneyControl  

Stockholm-based caller identification firm Truecaller, which counts India as its largest market, aims to raise USD 116 million (1 billion Swedish krona) in its initial public offering on Nasdaq Stockholm. The offering is expected to comprise new shares offered by the company and an offer for sale from certain existing shareholders who are selling a portion of their current shareholding of class B shares. Truecaller claims to have 205 million monthly active users in India as of second quarter of 2021. It claims to be the third largest communication platform in the country by monthly active users behind WhatsApp and Facebook. Among its key investors include Sequoia Capital India, Atomico, Kleiner Perkins, and OpenOcean. Sequoia India had first invested in Truecaller in 2013 and is currently the largest shareholder in the company with 19.9% stake as of December 31, 2020. Co-founders Alan Mamedi and Nami Zarringhalam own 9.2% stake apiece.