Reportedly the indian market with its millions of users is an attractive destination for any product/service. Most of the top apps like facebook and whatsapp have a majority of their membership base in this country. Accordingly the latest to take a closer look at the indian market is Truecaller, the Swedish company that is more popular as the caller ID app on mobile phones. Meanwhile Truecaller now wants to offer lending services to indian customers and has plans to go for listing its stock in the markets here.
Furthermore to begin with, Trucaller has already started funding some small business owners here through an arrangement with a finance partner. Apparently it will now start offering credit to the rest of its userbase as well by early next year and Truecaller is also taking another initiative for the small businesses offering them the facility to create a page with their profile, their contact numbers, opening hours etc.
Moreover observers point out that China’s Tencent Holdings tried a similar route with its WeChat messaging service and then kept adding other services like dating service, payments and so on. Perhaps Truecaller has identified that around 20 million of its user base in india are small businesses and they are also the most under-serviced as far as the banking facilities are concerned. Truecaller wants to explore how it can fill that space and the caller ID service has a free and subscription model. Further the subscription revenue is supplemented by advertising within the app and the Swedish company expects to close the year with a revenue of $32 million.
