Having become wildly popular in important smartphone markets like India and having amassed a userbase of more than 100 million, Truecaller is looking to raise $100 million to help expand into new markets. The caller ID app has already managed to raise $80 million from big-name investors like Kleiner Perkins and Sequoia Capital in a funding round that would put the company’s value at $1 billion if it successfully reached its goal, which it’s almost certainly going to.
Communications apps that strike a chord with users across different markets are hot property these days, and it looks like another one of them may soon enter the so-called unicorn club. TechCrunch has learned that Truecaller — a caller ID app that now has 150 million users — is looking to raise around $100 million at a $1 billion valuation. We’re hearing that Truecaller has hired Morgan Stanley to lead the process, and there are term sheets out. The round is likely to have previous and new investors. To date, True Software, maker of Truecaller, has raised around $80 million. Previous investors include Atomico, Kleiner Perkins Caufield & Byers, Sequoia Capital, Access Partners and Open Ocean. The plan will be to use the funds to grow the product. Truecaller, founded in Sweden, has seen a lot of traction in markets like India, its biggest market at 80 million users. Now it wants to expand elsewhere, like the U.S., and will be building out the company’s office in the Bay Area. The company is projected to hit 300 million users this year.