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Leading caller identification app Truecaller on Thursday announced that it has reached a significant milestone of 400 million users monthly. 

The company said that it continues to grow rapidly in many different geographic markets and has since March 31 this year grown with 10.1 million users.

"New technology and increased opportunities for fraudsters to make money are driving this development. We continue to develop our app and add new functionality to protect our users before, during, and after a phone call or SMS," Alan Mamedi, co-founder and CEO of Truecaller, said in a statement.

The company said that it reported an average of 383.4 million active users per month during the first quarter (Q1) of 2024 and at the end of the quarter, the number of monthly active users was 389.9 million.

Meanwhile, Truecaller has reported an 8 per cent increase in net sales in India in Q1 of the calendar year, saying that the country accounted for 74.2 per cent of the total net sales.

India continues to remain one of the biggest markets for Truecaller as the region accounted for growth across three revenue streams -- Truecaller for Business, Premium subscriptions and Ads, the company said in a statement.