Truecaller is entering a more competitive phase as growth slows in key markets, particularly India, while telecom providers and smartphone platforms introduce overlapping caller identification and spam protection features.
India Driven Growth And Market Shift
India remains Truecaller’s largest market, accounting for more than 350 million users, or about 70% of its global base of over 500 million users. High volumes of spam and unwanted calls have made the app a widely used layer in everyday communication.
However, new data indicates slowing momentum. Downloads in India fell 16% year-over-year in 2025, while global downloads declined 5%, according to Sensor Tower. Data from Appfigures shows downloads peaked at 175 million in 2021, dropped in 2022, and have since stabilized at around 120 million annually. India’s share of downloads has also decreased from over 70% to the mid-50% range, reflecting growth in other regions.
Competition From Telecom And Platform Providers
Telecom-led solutions such as Calling Name Presentation (CNAP), introduced under India’s regulatory framework, now display caller identity at the network level using KYC data, reducing reliance on third-party apps. At the same time, Apple and Google continue integrating caller ID and spam filtering directly into their operating systems.
Truecaller has responded by introducing features such as AI Assistant, Family Protection, and Community Suggestions to maintain engagement and support monetization.
Investor Concerns And Share Performance
The company’s shares have declined approximately 78% since its 2021 IPO and are down about 37% this year. Rishit Jhunjhunwala said investors are closely monitoring the impact of CNAP and broader market dynamics. He stated that the company does not view CNAP as a disruption but as confirmation of the need for caller identification services.
Advertising Pressure And Revenue Challenges
Advertising remains a major revenue source, contributing 65% to 70% of earnings. The company reported losing about one-third of ad traffic from its largest partner in August 2025, identified by analysts as Google. Jhunjhunwala attributed the decline to an algorithm-related issue, while Odd Bolin noted the partner still accounts for more than one-third of total revenue.
Truecaller is working to diversify by adding partners and developing its own ad exchange, though analysts highlight ongoing competition for advertising budgets across platforms.
Growth In Subscriptions And Enterprise Services
Despite pressure on downloads and advertising, other segments show growth. In-app revenue increased from $600,000 in 2017 to $39.3 million in 2025, with $13.4 million generated by April this year. Monthly in-app purchase revenue now exceeds $2 million.
The company’s subscription base has grown to over 4 million users, driven by features such as advanced spam protection and AI-based call screening. Its enterprise offering, Truecaller for Business, recorded 39% revenue growth in constant currency in 2025, providing tools for verified business communication.
Expansion On iOS And Platform Competition
Truecaller has expanded its presence on iOS, increasing its share of downloads from under 5% in 2020–2021 to around 11%–12% in recent years. It introduced real-time caller ID for iPhones in early 2025 and continues to enhance feature parity with Android.
However, Apple has also expanded its built-in call screening capabilities, which may reduce reliance on third-party apps.
Data Privacy And Ongoing Scrutiny
The company has faced scrutiny over its data practices, including questions raised by an investigation from The Caravan regarding consent and data collection. Truecaller has denied wrongdoing and maintains compliance with applicable regulations.
Strategic Focus And Future Direction
Truecaller is focusing on three main revenue streams: advertising, enterprise services, and subscriptions. The company is also addressing increasingly sophisticated spam and scam activity, including those enabled by artificial intelligence.
Its future performance will depend on how it adapts as caller identification shifts from standalone apps toward telecom networks and integrated smartphone features.
Featured image credits: Wikimedia Commons
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