Hot Swedish startup Truecaller reportedly just laid 35 people off

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Chop chop. Paula Bronstein/Getty Images

Truecaller — a Swedish startup worth $1 billion (£660 million) — is shedding dozens of jobs, according to a report in The Local.

The English-language Swedish publication reports that a tipster told them up to 35 people are being let go by the company because of “financial problems.”

The company has reportedly confirmed the layoffs, though did not comment on numbers: “We have let a number of consultants and a few full-time employees go recently,” said comms director Kim Fai Kok, “which is natural to any company in a high growth stage.”

The startup currently has 160 employees listed on LinkedIn.

Kim Fai Kok did not immediately respond to a request from Business Insider for comment about the size of the layoffs and the financial state of the company.

Launched in 2009, Truecaller builds an Android app that helps users verify who is contacting them, flagging up potentially spammy numbers. In July 2015, TechCrunch reports the startup, based in Stockholm, was raising $100 million at a valuation of $1 billion — making it a fabled “unicorn” startup.

The company also raised $60 million in 2014, with investors including Kleiner Perkins Caufield & Byers, and Atomico.

Truecaller is a free app (with premium features). It declined to comment on revenues when asked by Business Insider earlier this year. CEO Alan Mamedi said we would learn more about the company’s monetisation strategy in 2016.

We’ll update this story as more details come in.

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