Truecaller Faces Mounting Pressures as Growth Slows

Truecaller, one of the world's most widely used caller identification platforms, is entering a more challenging phase as growth slows in its largest market, India, and competition intensifies across telecom networks and smartphone platforms.

Truecaller's Growth Slows Down

Truecaller's growth has been driven by India, which accounts for over 350 million users, or about 70% of its global base. However, the company's growth is starting to slow down. Data shared with TechCrunch from Sensor Tower shows downloads from India fell 16% year-over-year in 2025, while global downloads declined 5%, marking a reversal after several years of growth.

The company's shares have fallen about 78% since its 2021 IPO and are down around 37% so far this year, underscoring investor concerns about its growth outlook and business model.

CNAP: A New Challenge for Truecaller

Truecaller's growth is being impacted by the introduction of Calling Name Presentation (CNAP), a new feature pushed by India's telecom regulator. CNAP displays caller names based on KYC records at the network level without requiring third-party apps, overlapping with part of Truecaller's core offering.

• Truecaller's Chief Executive Rishit Jhunjhunwala said the company does not see CNAP as a disruption but as validation of the problem.
• CNAP could slow user growth but is unlikely to materially disrupt Truecaller's core business in the near term, according to Bharath Nagaraj, director of equity research at Cantor Fitzgerald.

Advertising Remains a Challenge

Advertising remains a significant challenge for Truecaller. The company's ad revenue has been impacted by changes from Google, and it is now adding new partners and building its own ad exchange to reduce dependence on any single platform.

• Advertising remains highly competitive, with brands able to spend across multiple digital platforms, said Nagaraj.
• Truecaller is focused on addressing the rising complexity of communication, Jhunjhunwala said, as spam and scam calls become more sophisticated with advances in AI.

Other Revenue Streams

Truecaller is also focused on expanding across other revenue streams, including enterprise services and premium subscriptions. The company's enterprise offering, Truecaller for Business, has been growing steadily, with revenue rising 39% in constant currency in 2025.

• The company is expanding the platform globally by opening its chat services to partners and offering tools such as verified business caller ID to help enterprises verify identity and reach customers.
• Truecaller has also been expanding its consumer subscription business, which has over 4 million paid subscribers globally.