Truecaller, a popular caller identification and spam-blocking app, has acquired a 4%+ stake in a Series A round by Singapore-based game development company Mayhem Studios Private Ltd. for approximately SEK 30 million (~$2.8 million).
The investment is part of Mayhem Studios' $20 million Series A round which also saw participation from Sequoia Capital, Steadview Capital, Hasheed Emergent Fund, and a few individuals.
Launched in 2022 by Mobile Premier League (MPL), Mayhem Studios is a subsidiary of MPL that develops AAA mobile games, with big development and marketing budgets. MPL provides a variety of fantasy games, casual games and real money games on its platform, and is also backed by Sequoia Capital. To date, the company has raised approximately $375 million and was valued at $2.3 billion at its round in September 2021.
The partnership investment in the mobile game development company is a strategic play by Truecaller. It comes at a time when the Indian mobile gaming market is projected to almost double from USD 2.8 billion in 2022 to USD 5 billion in 2025, with an increase in the number of players from 400 million in 2022 to 500 million in 2025.
The collaboration is poised to provide a valuable advertising advantage for Truecaller - which already has a strong presence in India with around 250 million users, making it one of the country's most valuable apps. It will help the company build a stronger position for its advertising platform within the mobile gaming market.