The Income Tax Department has reportedly initiated searches at Truecaller’s offices, targeting alleged violations of transfer pricing regulations, according to Zee Business. This development marks a significant regulatory scrutiny of the company, well-known for its caller identification and spam-blocking services.
Recently, Truecaller’s CEO took to social media to update stakeholders about the company’s evolving leadership structure. In a detailed post, he shared insights into Truecaller’s ongoing growth and the strategic shifts within its leadership. He stated:
“Hello world,
As we continue to grow and evolve as a company, we remain committed to aligning our leadership with the opportunities and challenges that lie ahead. Over the past few years, we have built a strong leadership team that is fully dedicated to Truecaller’s mission and plays a vital role in our day-to-day operations. We are all united behind our long-term strategy, and I am proud to say that we so far have executed on it effectively and are on track to make communication safer while building robust, diversified revenue streams that will grow the company for decades to come.
The company is on a really exciting path, with user growth accelerating globally, revenue streams growing at a strong pace, iOS platform opening up for exciting opportunities, and a positive trend emerging in advertising. With an exciting product roadmap ahead, we are confident that Truecaller’s future is incredibly bright.
After careful thought and planning, Nami @Zarringhalam and I have decided to step back from day-to-day operations to focus on Truecaller’s long-term strategy as board members and advisors, allowing the leadership team to take full ownership and drive Truecaller’s continued growth.
While we will continue to provide advice and support, we believe it is essential to have a leader at the helm who embodies our company’s core values and is prepared to lead us into the future.
With that in mind, we are pleased to announce that Rishit Jhunjhunwala @rishj will be transitioning into the role of Global CEO. Rishit has been an integral part of our leadership team, serving as Head of Product for the past decade—spending his first seven years in Stockholm—and the last three years as our India CEO, which includes our global ads and enterprise business, and our largest employee base and user base. His deep product knowledge and leadership experience have been critical to our success, and we have always regarded him as a co-founder of Truecaller.
Over the past two years, I’ve had the privilege of personally mentoring Rishit to take on a larger role within the company, and Nami and I are confident that he is ready to lead the company on a global scale. As a product-first company, it is crucial to have a CEO who understands our products at their core, and Rishit—who has a strong entrepreneurial spirit—has spent his career building and founding companies. He embodies the values that have shaped our company into what it is today.
Nami and I will remain committed to supporting Rishit and the entire leadership team as board members and strategic advisors, and we are excited to watch the company continue to thrive under Rishit’s leadership. Effective January 9, 2025, Rishit will officially become the Global CEO of Truecaller, and we will continue to be employed by the company until June 30, 2025, as advisors. We are super enthusiastic about this new chapter in our journey.
Thank you for your continued trust and support.”
This news of the tax department’s investigation arrives as Truecaller navigates a significant leadership transition, with Rishit Jhunjhunwala set to take over as the new Global CEO in January 2025. The leadership change aims to align Truecaller’s operations with its long-term vision and respond to global growth opportunities, especially in the iOS segment and advertising.
The outcome of the Income Tax Department’s searches and any potential impact on Truecaller’s operations remain to be seen.
