After being a hit in country like India, the famous caller ID app, Truecaller is looking to expand in other parts of the world including countries like United States. To go ahead with the plans, the company (Truecaller is represented by True Software) has plans to raise $100 Million at $1 Billion valuation.
User eccentric apps are on a rise in the current decade. Truecaller in itself has a database of over 150 Million users and out of that, India alone has over 80 million users. The latest plans include the expansion in other countries including United States. To handle the operations, the company has also started an office in Bay area.
According to sources, Truecaller has hired Morgan Stanley to lead the process which will see existing as well as new investors participating. The current pool of investors for Truecaller include Atomico, Kleiner Perkins Caufield & Byers, Sequoia Capital, Access Partners and Open Ocean.
The raised funds will be used to work more on the expansion in various markets, setting up more R&D centers and making new strategies. Truecaller has launched 2 new apps recently to strengthen the position even more. There are rumors that the new funding round might see Google or Twitter as an investor which will surely boost the plans of the company in the coming future.
The news is not official yet, however, we believe that the move is going to be announced in a few days time.