TrueCaller, Stockholm based internet company that aims to make communication safe and efficient, has acquired Chillr, India based payment app. The financials of the deal were not disclosed. Post the acquisition, TrueCaller now plans to launch TrueCaller 2.0, where the company will get into mobile payments and will also offer credit facilities to the users.
With over 15 crores users in India, TrueCaller has become a widely popular name. It has partnered with over 300 brands across the country and sources claim that the partners will come in handy as the company plans to get into full-fledged payment ecosystem that is already seeing a fierce competition with Alibaba backed Paytm leading the scene.
Chillr, founded by Sony Joy, Anoop Sankar, Mohamed Galib and Lishoy Bhaskaran, has been in news since its ₹45 Crore ($7 Million) funding round in December 2015. The funding round saw participation from Blume Ventures, Unicorn Ventures and Sequoia Capital. In 2017, HDFC Bank launched UPI on its peer-to-peer payments app.
Post acquisition, the team at Chillr will join TrueCaller. Sony Joy will be promoted to be Vice President at TrueCaller. With this, TrueCaller also aims to double its India Team.
Speaking on the development, Sony Joy added that TrueCaller and Chillr have a lot of possible synergies and the two teams will work on finding solutions for a better user experience. He added that Chillr’s focus on financial services clubbed with TrueCaller’s user base will be a catalyst in solving a number of customer problems.
Nami Zarringhalam, Co-founder & Chief Strategy Officer – Truecaller stated that the company has seen an increased footfall after launching TrueCaller Pay in 2017. With the expertise of Chillr, the team will look forward to create more payment solutions and that further strengthens TrueCaller’s commitment to mobile payments.