Truecaller, a caller identification app run by Stockholm-based True Software Scandinavia AB, has brought on board former Flipkart executive Sandeep Patil as its India managing director.
Patil, until recently, headed the consumer and commercial lending business for Flipkart, which he joined in 2015 after working for McKinsey & Company for seven years.
Based in Bengaluru, he will be responsible for spearheading business strategies to expand the company’s footprint and accelerate revenue growth globally. He will be overseeing the teams based in Delhi, Mumbai and Bangalore.
Alan Mamedi, CEO and co-founder of Truecaller, said Patil’s experience in consumer technology and financial services will help Truecaller “fast track many of our ambitious plans and take it to the next level.’”
This comes just as the Swedish firm gears up to launch its lending business in the country.
Earlier in March, Truecaller said it would expand its financial product portfolio starting with lending with the help of Chillr, the payment company it acquired in June 2018. The ticket size for the lending product would range between Rs 50,000 and Rs 500,000.The Truecaller Credit is set to launch in June this year.
Truecaller claims to have more than 100 million daily active users in India and was one of the first ones to roll out a UPI-enabled payment service, Truecaller Pay in March 2017. Two years down the line, it is competing with Google Pay, Amazon Pay and WhatsApp apart from wallet companies such as Paytm, PhonePe and Mobikwik, all of which are vying for India’s growing digital payments opportunity which is set to touch USD 1 trillion by 2023.
India contributes 60-70% of Truecaller’s global revenue. It has a 100-people team driving the operations.
On the appointment, Patil told Economic Times, “I am incredibly excited about joining Truecaller. We have a unique opportunity here to provide distinctive and empowering services that can improve the lives of our customers and drive their economic development.”
“When we think about financial services in India, we are not even scratching the tip of the iceberg here. Banking is massively under-penetrated in the country and lending services are quite limited. Most of the customers are not registered for credit,” Patil said.
“We consider India our home market where we want to deepen our presence, engagement and relevance. I look forward to further strengthening our innovative organisation and collaborating with the ecosystem to take Truecaller to greater heights,” he said.