The founders of Truecaller, a leading Swedish caller identification app, are stepping down from their roles, signaling a major transition for the company that has become a giant in spam-blocking technology. Alan Mamedi and Nami Zarringhalam, who launched Truecaller in 2009, will shift their focus to strategic advisory roles and remain on the board. They will pass the baton to Rishit Jhunjhunwala, the product chief and head of the Indian division, starting in January. This change in leadership comes as Truecaller aims to expand its user base to 1 billion, building on its current trajectory toward reaching 500 million users.

Having faced challenges post-IPO, Truecaller is regaining momentum, with third-quarter revenues rising by 15% to SKr 457.3 million ($42.3 million). Following quarters of decline, the once-troublesome advertising revenue also saw an 8% increase, suggesting a return to growth. Mamedi expressed confidence in his final statement as CEO, emphasizing the company's global impact and the pride he and Zarringhalam feel for putting Sweden on the technology map. Jhunjhunwala, who joined the company in 2015, is now set to guide Truecaller through what he calls its "largest product improvement ever" for iOS users, aiming to enhance capabilities that are already successful on Android.

Currently, iPhone users make up just 7% of Truecaller’s user base, yet they contribute a significant 40% to subscription revenue, highlighting a strategic opportunity for the company. The transition is positively received by the market, as evidenced by a strong rebound in shares, which have risen more than 70% since March. Analysts at JPMorgan suggest that expansion into new markets and emerging revenue streams could provide additional growth.

Despite the optimistic outlook, Truecaller faces regulatory challenges, primarily in India, which accounts for more than 70% of its revenues. Recent developments, such as Airtel’s new spam-blocking tool, pose potential risks to Truecaller's dominance, though early reviews still favor Truecaller's robust offering. The company's growth is not limited to India; it reports significant user increases in Colombia and Nigeria, with user numbers up 40% year-on-year. In the US, subscription revenue has risen over 60%, reflecting a successful effort to convert more users into paying customers. Mamedi and Zarringhalam, in their joint farewell remark, expressed confidence in the company's future, highlighting the strength of Truecaller's management team and the current strategic direction, ensuring continued success.