Truecaller acquires 4+ percent of the shares in the Singapore-based game development company Mayhem Studios Private Ltd. for roughly SEK 30 million. The company focuses on developing mobile games for the Indian market. Other investors include Sequoia and Mobile Premier League.

“Truecaller has a unique position in India with approximately 250 million users and is today one of India’s most used apps. Mayhem Studios is an exciting company which is well positioned to take market share in the fast-growing Indian market for mobile games. We also see that the collaboration with Mayhem Studios will give us valuable insights into how we can create added value for our advertising partners. Our ambition is that this, in addition to being a good investment, should contribute to us being able to build a stronger position for Truecaller’s advertising platform within the mobile gaming market” says Nami Zarringhalam, co-founder and Chief Strategy Officer at Truecaller.

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The Indian mobile gaming market is expected to grow strongly from USD 2.8 billion in 2022 to USD 5 billion in 2025 and the number of players is expected to grow from 400 million in 2022 to 500 million in 2025. The availability of affordable mobile data coupled with increased smartphone penetration are two of the factors which is expected to contribute to the strong market growth.

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