Software company Truecaller on Thursday named Rishit Jhunjhunwala as its new chief executive officer (CEO). Jhunjhunwala is the current chief of products in the Swedish company and has been working with Truecaller since 2015.
Jhunjhunwala, who has worked for Truecaller since 2015, is also the managing director of the company’s India division. He will take over his new role on January 9, after incumbent Alan Mamedi steps down.
The change in leadership comes as Co-founders Alan Mamedi and Nami Zarringhalam announced in their letter that they have decided to give up their operational duties at Truecaller from June 30, 2025.
The letter further said Mamedi and Zarringhalam will now focus on Truecallers’s long-term strategy as board members and advisors, allowing the leadership team to take full ownership and drive the company’s continued growth.
In the past decade, Jhunjhunwala has held multiple key positions in the company. Initially, he was appointed as the head of product in 2015. He was promoted to chief product officer in 2020, and then given the position of managing director of the India branch in 2021.
This comes on the same day as the Income Tax Department conducted multiple raids at the Indian offices of the global caller ID platform on charges of tax evasion, reported PTI. The Stockholm-headquartered company said it was cooperating with the investigators.
After the searches, Truecaller issued a public statement saying that it is awaiting official confirmation and communication from the tax department regarding the investigation.
“On Thursday 7 November 2024, Truecaller’s India offices were visited by Indian Tax officials. Truecaller are currently assisting the authorities to the full extent at our offices. This came without prior notice and Truecaller are currently awaiting official confirmation and communication from the tax departments,” the statement said.
“Truecaller would like to reiterate that Truecaller is not subject to any tax investigation in India outside the routine tax audits. Truecaller’s group financial statements have always received an unqualified audit opinion. Truecaller has always paid all taxes due in India and all regions where it operates,” it added.
The company said its transfer pricing policy for its intra-group transactions is consistent with the internationally accepted arm’s length standard, as has been informed earlier.