Unlocking the Money-Making Secrets of Truecaller
From Robocall Fighter to Fintech Player
Greetings, aspiring product managers! Today, we're unraveling the intriguing story of Truecaller, the Caller ID and spam-blocking app. You might be thinking, "Why is a spam-busting app making headlines in the fintech world?" Well, that's the thing about Truecaller – it's gone from being your friendly neighborhood nuisance filter to a fintech superstar. So, grab your detective hats, because we're about to uncover the mystery of how Truecaller makes its money.
Meet Truecaller: Your Call Hero from Sweden
First things first, Truecaller is not an Indian invention. It was born in Sweden in 2009. Truecaller's primary mission? To help you dodge those pesky telemarketers, robocalls, and other unwanted distractions. But here's the twist – while its roots may be Scandinavian, Truecaller's heart beats in India. With a whopping 250 million monthly active users, it's almost like they've set up shop in the neighborhood!
So, How Does Truecaller Work Its Magic?
Truecaller's superhero talent lies in its data collection. It's a bit like a friendly neighborhood watch committee, but for calls. Here's how it collects data:
White & Yellow Pages Partnerships: Truecaller has teamed up with various white and yellow pages worldwide to gather info about businesses and services.
Crowdsourcing: This is where the magic happens. When you download the Truecaller app and give it access to your contacts, it combines everyone's contact lists on its servers, complete with names, emails, and locations. Then, Truecaller's clever algorithms get to work, filtering out the irrelevant stuff (like Mom, Dad, or Home) and keeping the named contacts. So when you get a call, if you're using Truecaller, it scans the database to find the most relevant name for that number.
Now, here's the million-dollar question: How does Truecaller turn its millions of users into a money-making machine?
Truecaller's Money-Making Schemes
Advertisement Platform: With a massive 250 million monthly active users, Truecaller is a hotbed for advertisements, right up there with Google and Facebook. This means a huge chunk of its revenue comes from targeted ads on its platform. Since Truecaller has access to a treasure trove of user information and people use the app frequently, the ads are hyper-targeted. They even have a self-service advertisement platform (like Google Ads) for advertisers to create, manage, and track campaigns. It's like the neighborhood bulletin board but much smarter!
Truecaller Premium & Gold: These are Truecaller's VIP plans. For a fee, they offer an ad-free experience, a badge to flaunt on your profile, and the super-secret incognito mode (great for lurking without anyone knowing). Gold members get even fancier perks like customer support and special caller ID. There's also the option to record phone calls on some devices. The price varies depending on the plan, ranging from $7 to $70 per year.
Truecaller API for Mobile Number Verification: Truecaller provides an API that some of the big players in the internet business world use, like BigBasket, Rapido, and Meesho. It's a cool way to verify mobile phone numbers without the pesky OTPs (one-time passwords). Instead, users can simply tap to verify if they already have Truecaller installed. It's quick and easy, just like signing in with Facebook. And guess what, it's currently free for developers, but Truecaller gets valuable data in return. It's a win-win!
Financial Services in India: Truecaller is making a big leap into the world of Indian fintech. They offer Truecaller Pay, allowing users to create a unique Virtual Payment Address (VPA) within the app. You can send or receive money and do prepaid and postpaid recharges. There's also Loans on Truecaller, which provides term loans to salaried individuals with a credit score above 650. They've got an algorithm to determine how much loan you can get. Truecaller isn't stopping there; they have plans for small and medium enterprises with Truecaller for Business. Right now, it's offered for free, allowing businesses to create profiles with info like address, website, and email. Think of it like a FourSquare for businesses.
With a massive and highly engaged user base, a rock-solid brand identity, and a string of innovative ideas in the pipeline, Truecaller is on a mission. And word on the street is that they're aiming for an IPO in 2022. So, stay tuned for more from the Swedish superhero who became India's fintech friend! 🦸♂️💰
What's Next for Truecaller?
Now that we've cracked the code on how Truecaller makes its money, let's take a peek into the crystal ball and see what the future holds for this Caller ID champion.
Global Domination: Truecaller is well on its way to becoming the go-to platform for all things communication. With its footprint in India and a growing presence in other countries, it's setting its sights on global dominance. Watch out, WhatsApp and Messenger!
More Fintech Adventures: Truecaller's venture into financial services in India is just the beginning. We can expect more features, like investments, insurance, and financial management tools. After all, with millions of users, they have a captive audience eager for fintech solutions.
Data Privacy and Security: As Truecaller evolves into a fintech player, questions about data privacy and security will loom larger. They'll need to navigate these waters carefully to maintain their users' trust.
User Engagement: With intense competition in the fintech space, user engagement is the name of the game. Truecaller will need to keep users hooked with innovative features and exceptional user experiences.
Going Public: The IPO rumors are heating up. If Truecaller decides to go public in 2022, it will be a significant milestone. It could also mean exciting investment opportunities for those who believe in its vision.
And that's a wrap for this edition. If you found this story intriguing, be sure to share it with your network. Until next time, keep your Truecaller on, and let's see what the fintech universe has in store for us!