Truecaller Issues Statement in relation to information in the Indian press

STOCKHOLM, May 24, 2022 /PRNewswire/ -- On Friday, May 20th, Indian news outlets published information claiming that Telecom Regulatory Authority of India (TRAI) have received a request to investigate the possibility of the development of a state-sponsored call identification service in India.

The information in the Indian press claims that TRAI has received a request from the Department of Telecommunications to investigate what would be required in order to develop a simple caller identification service. Based on the limited information available, the purpose seems to be to develop a service that will display the caller's name based on the Know Your Customer (KYC) process conducted in India in connection with the purchase of a SIM-card. The available information indicates that the solution should be an "opt-in service". This is one of several similar initiatives from TRAI over the past ten years, and Truecaller welcomes all attempts aimed at helping in the mission to make communications safer and more secure. If the service described was to be developed, the assessment is that its implementation would take many years and require a successful collaboration with all major telecom operators.

"Based on the information available at present, we do not see that this would be a competitive service comparable to the full range of services and functionality that Truecaller offers to our more than 310 million monthly active users. With our technology and data, Truecaller solves many more issues than a basic number identification service. We believe that the proposed TRAI development can even be a driving catalyst for our continued growth in India, as more people discover our offerings. During our 13 years, we have seen many players - both private and state-driven - trying to enter this industry, and we are humble in the face of this great challenges it entails to ensure safe and reliable communication for everyone. At Truecaller, we believe that our focus on our services and our users will create the most value for both the users, society as a whole, and our shareholders", says Alan Mamedi, CEO and co-founder.

For further information, please contact:

Andreas Frid, Head of Investor Relations Truecaller 
+46 70 529 08 00 [email protected] 

About Truecaller:
Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for business to connect with consumers. Fraud and unwanted communication are endemic to digital economies, especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for more than 310 million active users, with half a billion downloads since launch and around 38 billion unwanted calls identified and blocked in 2021. Headquartered in Stockholm, since 2009, we are a co-founder led, entrepreneurial company, with a highly experienced management team. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information, please visit corporate.truecaller.com

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SOURCE Truecaller AB

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