article source: TThe Hindu Business LIne – June 9, 2016
Former Vodafone Global CEO Arun Sarin has picked up minority stake in phone directory app Truecaller for an undisclosed amount. This is Sarin’s third investment after taxi aggregator app Ola (July 2015) and music streaming company Saavn (September 2015).
Sarin will be joining Truecaller’s Advisory Board followed by a capital investment in the company, Truecaller said in a statement.
Scandinavia-based Truecaller’s other investors include Access Partners, Atomico, Sequoia Capital and Kleiner Perkins Caufield & Byers. “The notion of knowing who’s calling is a tremendous important piece of information for anyone with a phone. Having run a global mobile company I know operators do not like having calls that are not being picked up in their network,” Sarin said.
Truecaller gives the consumer the right piece of information so they can complete the call, he added. “That is where I see a huge potential for Truecaller to be part of the bigger ecosystem. This should be a gift from every operator to their customers,” he said.
With his global experience and network, Sarin will be focusing on supporting and advising the company on the overall strategy, the statement said.
India is the largest market for the Scandinavian company, where it has over 100 million users. Globally, it has over 150 million users. Its other major markets include the Middle East, North Africa and the US.
“Over the last few years, we have grown at an exponential rate both in terms of business and user base… We are delighted to have Arun Sarin on our advisory board providing us with required strategic direction at a time when the industry is going through a massive transformation,” Truecaller CEO and co-founder Alan Mamedi said.