Caller identification service in Sweden Truecaller is planning an initial public offering (IPO) to raise more than $100 million.

BERLIN, GERMANY - NOVEMBER 30:  CEO of Truecaller Alan Mamedi speaks on stage during TechCrunch Disrupt Berlin 2018 at Treptow Arena on November 30, 2018 in Berlin, Germany.  (Photo by Noam Galai/Getty Images for TechCrunch)

Truecaller, the company behind the eponymous caller-identification service, announced on Wednesday that it plans to raise $116 million in an IPO on Nasdaq Stockholm.

According to earlier local media reports, the 12-year-old Stockholm-based firm, which counts India as its largest market by users, is aiming for a $3 billion valuation in the IPO. The company has stated that it intends to go public in the fourth quarter of this year.

According to TechCrunch, the company, which has 278 million monthly active users, has been working on its initial public offering for at least two years.

Sequoia Capital and Atomica were among the company’s early investors. According to TechCrunch, the company engaged with some investors six years ago to raise an additional $100 million at a $1 billion valuation, but the deal never materialized. According to Crunchbase, it has raised over $95 million over the years.

Truecaller’s IPO is “not only a watershed moment for Nami [the other co-founder], myself, and all of our employees who have contributed to making Truecaller the fantastic platform that it is today, but also for the growing Swedish tech ecosystem,” he said in a statement on Wednesday. It feels very exciting to take the next step in this process, thanks to the positive feedback we’ve received from potential investors. “Preparing Truecaller for an IPO has been one of our goals this year.

“Even though we’ve been on this incredible journey for twelve years, we believe it’s only the beginning, and we have a plan in place to continue to grow and develop our services and products. On this journey, I look forward to welcoming both existing and new shareholders.”

Truecaller is popular in many parts of the world, but its largest market by users is India, where everyone receives dozens of such calls each month. Truecaller’s service identifies callers and filters similar texts, allowing users to avoid spam calls.

Even as Apple and Google have improved their mobile operating systems’ caller ID features and taken other steps to reduce spam calls in recent years, Truecaller’s offerings remain unrivaled.

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Truecaller will be Sequoia Capital India’s latest public exit this year. This year, the venture fund, which has been the most active investor in Indian startups, has seen five exits, including food delivery startup Zomato and paint company Indigo Paints.

Truecaller is on an exciting journey to reach even more users with even better products, with a clear focus on innovation and growth,” said Shailesh Lakhani, Managing Director at Sequoia Capital India, in a statement. “Around the world, Truecaller has made communication smarter, safer, and more efficient. As the use of smartphones grows around the world, so does the risk of fraud and unwanted communication, and Truecaller has become an indispensable platform for both consumers and businesses.

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