Truecaller, a free caller identification application has taken over Chillr, a domestic digital payment application, for an undisclosed amount. The announcement came in on Wednesday.
Truecaller had announced its wish to enter the digital payment sector last year when it started working with UPI, partnered with ICICI Bank. The Chillr acquisition will give a further boost to Truecaller Pay, the payment service branch of Truecaller.
Chillr, which has a common investor with Trucaller – Sequioa Capital, will phase out gradually and will integrate with Truecaller Pay. The users of Chillr will then move to Truecaller Pay to continue making digital transactions.
Post the completion of acquisition formalities, the 45 employees of Chillr will move to the Sweden-based Truecaller, which will make the total employee count 110. The employees will work out of Bengaluru. Also, the co-founder of Chillr, Sony Joy, will become the Vice-President of Truecaller.
Joy wishes that Truecaller Pay become one of the top 3 digital payment applications in the country. He believes that digital finance is a new space and that they can do well because Truecaller has 70-75 million active users, in contrast to banks that have only around 10-20 million users.
Truecaller is a software developed by the company, True Software Scandinavia AB. The software, initially released in the year 2009, has a 150 million user base in India. The number of active users is estimated at around 70-75 million.
Chillr is a Mumbai-based digital payment application that established in the year 2014. Since 2017, the company has been on the lookout for investors and M&A opportunities.
Source: Money Control