Truecaller announces the acquisition of India-based Chillr, wants to consolidates its payment service business.

Sweden M&A 13 June 2018
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Truecaller, a Stockholm, Sweden-based company providing mobile ID services, announced the acqusition of Chillr, a Mumbai, India-based startup providing digital multi-bank payments services.

The financial details of the deal remain undisclosed.

Truecaller, founded in 2009 by Alan Mamedi and Nami Zarringhalam, started as a service via a mobile app that lets you see who's calling and block unwanted calls. The company, which claims to have over 100 million active users on a daily basis, most of them from India, launched its payment service, Truecaller Pay, in 2017 in an effort to go beyond just handling messages and calls.

Truecaller has raised about $90M in capital investment since its founding, from a range of Nordic investors and from US-based venture firms KPCB and Sequoia Capital.

Sequoia Capital is also an investor in Chillr, and together with Blume Ventures, have invested about $7.5M in the Indian company.

Chillr, founded in 2014 by Sony Joy, Anoop Sankar, Mohamed Galib and Lishoy Bhaskaran, developed a mobile and web application that allows users to send money directly between bank accounts using just the mobile number. The company works with about 50 banks in India.