Truecaller faces increasing pressure as its growth matures.

Truecaller is one of the most widely used caller identification platforms in the world, with over 500 million users. We are now entering an even more challenging phase, with growth slowing in our largest markets and competition increasing across telecom networks and smartphone platforms.

The majority of Truecaller’s growth has been driven by India, where it has more than 350 million users, or about 70% of its global base. The volume of spam and unwanted calls has transformed apps from simple caller ID services to a more embedded layer into everyday communications.

That position is now shaping its next phase. The company has introduced features like AI Assistant and Family Care to drive monetization, along with tools like Community Suggestions to stay relevant as competition increases. This comes as telecom-led solutions such as Calling Name Presentation (CNAP), dedicated number series for verified business calls, and AI-based anti-spam are gaining popularity in India. Meanwhile, smartphone manufacturers, including Apple and Google, continue to build caller identification and spam blocking features into their operating systems.

As competition intensified, Truecaller’s growth began to slow. According to data shared with TechCrunch by Sensor Tower, downloads in India in 2025 were down 16% compared to the previous year, while global downloads were down 5%, marking a reversal after years of growth. Separate data from AppFigures shows downloads peaked at 175 million in 2021, declined sharply in 2022, and have hovered around 120 million annually since.

India remains Truecaller’s largest market, but its download share has declined from over 70% at its peak to the mid-50s in recent years. This indicates that new user growth is gradually shifting to other markets.

Truecaller’s changing growth dynamics are being closely watched by investors. The company’s stock has fallen about 78% since its 2021 IPO and is down about 37% so far this year, highlighting investor concerns about its growth prospects and business model. CEO Rishit Jhunjhunwala told TechCrunch that one of the key questions from investors was about the impact of CNAP in India. He also acknowledged recent headwinds in the business, without elaborating further.

CNAP, an initiative promoted by the Indian telecom regulator and implemented by telecom operators, displays caller names based on KYC records at the network level without the need for third-party apps. It overlaps with some of Truecaller’s core products, but is more limited in scope.

Truecaller’s Jhunjhunwala said the company sees CNAP as a validation of the problem, not a disruption.

“Truecaller operates as a global platform with a much richer and more dynamic layer of intelligence covering spam detection, fraud prevention, business identity, and user context across calls and messages,” he said. “This allows us to take advantage of much more functionality than just basic caller ID.”

Bharath Nagaraj, director of equity research at Cantor Fitzgerald, said that while CNAP could slow user growth, it is unlikely to materially disrupt Truecaller’s core business in the near term. Instead, he pointed to pressures on the company’s advertising division, caused in part by Google’s changes, as a more pressing challenge.

“If you look at the company’s revenue, 65-70% of its revenue is now coming from advertising revenue, which has had an impact recently,” Nagaraj told TechCrunch.

In its last earnings report (PDF), Truecaller said in August 2025 that it lost about a third of its advertising traffic from its largest partner (partner analysts identified as Google). Jhunjhunwala attributed the decline to unresolved “algorithm issues,” while CFO Odd Bolin said partners still account for more than a third of total revenue. The company is now adding new partners and building its own ad exchange to reduce its dependence on a single platform.

However, switching to an in-house ad exchange may not completely solve the problem. Nagaraj said advertising remains highly competitive and brands can spend across multiple digital platforms. “You can run ads on Truecaller, but you can also run ads on Facebook,” he said.

In-app revenue continues to grow.

Even though other parts of Truecaller’s business are on different trajectories, the pressure is on for advertising. While downloads have stagnated in recent years, total in-app revenue has risen sharply from $600,000 in 2017 to $39.3 million in 2025, according to data from AppFigures. As of April 20 this year, it has already reached $13.4 million.

Truecaller’s monthly revenue generated from in-app purchases currently consistently exceeds $2 million and growing based on AppFigures.

Additionally, Truecaller’s presence on iOS has increased from less than 5% of total downloads in 2020-2021 to around 11-12% in recent years, highlighting its shift towards a higher value market, according to AppFigures. The company has stepped up its efforts on Apple platforms, including launching Real-Time Caller ID for iPhone in early 2025 and rolling out feature updates to improve parity with Android apps.

Nonetheless, Apple recently expanded its call screening features, which could reduce the need for third-party apps among iPhone users.

Another key element of Truecaller’s monetization strategy is Truecaller for Business, an enterprise product that helps businesses verify their identity and communicate with customers via phone and messaging. The segment has been growing steadily, with sales expected to grow by 39% in constant currency by 2025. Truecaller’s Jhunjhunwala said the company is expanding its platform globally by opening up its chat service to partners and providing tools such as Verified Business Caller ID, which helps businesses verify their identity and contact customers.

Along with the corporate push, Truecaller has been expanding its consumer subscription business with more than 4 million paying subscribers globally as more users opt for features such as advanced spam protection, AI-based call blocking, and an ad-free experience.

In the past, Truecaller has been criticized for how it builds and maintains its massive database of phone identities. The Caravan’s investigation raised questions about consent and data collection practices, particularly in India, where data protection laws have so far been less stringent. Truecaller denies wrongdoing and insists it complies with applicable regulations, but the controversy highlights the broader challenge of balancing usability, scale and user privacy.

Despite all these challenges, Truecaller sees significant room for growth. Jhunjhunwala said the company is focused on addressing the increasing complexity of communications as spam and scam calls become more sophisticated as AI advances. Likewise, we plan to expand across all three revenue streams – advertising, enterprise services, and premium subscriptions – to continue growing across our markets. But whether that will be enough will depend on how quickly it can adapt as caller identification moves from standalone apps to the network and the phone itself.