Truecaller, the global caller‑identification service with more than 500 million users, is entering a period of slower growth as its flagship market, India, shows a decline in downloads and competition from telecom‑operator and smartphone‑maker solutions intensifies.
India accounts for roughly 70 % of Truecaller’s user base, with over 350 million Indian users. The country has also driven the app’s evolution from a basic caller‑ID tool to a broader communications layer that includes spam filtering and fraud detection. However, data shared with TechCrunch indicates that Indian downloads fell 16 % year‑on‑year in 2025, while global downloads dropped 5 % after years of expansion. Appfigures records show a peak of 175 million total downloads in 2021, a sharp dip in 2022, and a steady level around 120 million per year since then. The share of new downloads from India has slipped from more than 70 % at its height to the mid‑50 % range in recent periods, suggesting a gradual shift toward other markets.
Investors have responded to the slowdown. Since its 2021 IPO, Truecaller’s shares have fallen about 78 %, and they are down roughly 37 % in the current year. Chief executive Rishit Jhunjhunwala told TechCrunch that investors are particularly concerned about the impact of India’s Calling Name Presentation (CNAP) initiative. CNAP, mandated by the telecom regulator and rolled out by operators, displays caller names at the network level using KYC data, reducing reliance on third‑party apps. While Jhunjhunwala does not view CNAP as a disruption, he argues it validates the need for advanced caller intelligence beyond basic identification.
Advertising, which now generates 65 %–70 % of Truecaller’s revenue, faces pressure after the loss of roughly one‑third of ad traffic from its largest partner—identified as Google—in August 2025. The company attributes the drop to an “algorithm issue” and is diversifying by adding new partners and developing an in‑house ad exchange. Nonetheless, analysts note that advertising remains highly competitive, with brands able to allocate budgets across multiple digital platforms.
In contrast, in‑app revenue has risen sharply, from US$600 000 in 2017 to US$39.3 million in 2025, with monthly in‑app purchases now regularly exceeding US$2 million. Truecaller’s iOS presence has grown to about 11 %–12 % of total downloads, reflecting a shift toward higher‑value markets. The firm has introduced real‑time caller ID on iPhone and continues to add features such as AI Assistant, Family Protection, and Community Suggestions to retain relevance.
Enterprise services, marketed as Truecaller for Business, recorded a 39 % constant‑currency revenue increase in 2025, while the consumer subscription segment has surpassed four million paid users worldwide, drawn by ad‑free experiences and advanced spam protection.
The company has faced scrutiny over data‑collection practices, particularly in India, where privacy regulations are less stringent. Truecaller maintains that it complies with applicable laws.
Truecaller’s next phase will depend on how effectively it can expand its advertising, enterprise, and subscription streams while adapting to a market where caller identification increasingly moves from standalone apps to network‑level and operating‑system integrations.
