Truecaller invests in game development company Mayhem Studios
Truecaller acquires 4+ percent of the shares in the Singapore-based game development company Mayhem Studios Private Ltd. for roughly SEK 30 million. The company focuses on developing mobile games for the Indian market. Other investors include Sequoia and Mobile Premier League.
“Truecaller has a unique position in India with approximately 250 million users and is today one of India's most used apps. Mayhem Studios is an exciting company which is well positioned to take market share in the fast-growing Indian market for mobile games. We also see that the collaboration with Mayhem Studios will give us valuable insights into how we can create added value for our advertising partners. Our ambition is that this, in addition to being a good investment, should contribute to us being able to build a stronger position for Truecaller's advertising platform within the mobile gaming market” says Nami Zarringhalam, co-founder and Chief Strategy Officer at Truecaller.
The Indian mobile gaming market is expected to grow strongly from USD 2.8 billion in 2022 to USD 5 billion in 2025 and the number of players is expected to grow from 400 million in 2022 to 500 million in 2025. The availability of affordable mobile data coupled with increased smartphone penetration are two of the factors which is expected to contribute to the strong market growth.
The investment in Mayhem Studios Private Ltd. is expected to affect Truecaller's cash flow by roughly SEK 30 million during the second quarter of 2023. The investment is financed through existing cash.
For more information, please contact:
Andreas Frid, Head of IR & Communication
+46 705 290800
andreas.frid@truecaller.com
About Truecaller:
Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies, especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for more than 338 million active users, with more than a billion downloads since launch and around 50 billion unwanted calls identified and blocked in 2021. Headquartered in Stockholm, since 2009, we are a co-founder-led, entrepreneurial company, with a highly experienced management team. Truecaller has been listed on Nasdaq Stockholm since 8 October 2021. For more information, please visit corporate.truecaller.com