The memos offer a rare glimpse of high-stake policy making governing a market already features global retail heavy weights from Amazon to Walmart, plus domestic players like Reliance Industries and Tat Group. The sector is forecast by Grant Thornton to be worth $188 billion by 2025.

It’s not clear how the objection from the finance ministry a dozen in total will ultimately be reflected in the proposed rule changes, first floated in June https://www.reuters.com/world/india/india-plans-tighter-e-commerce-rules-amid-complaints-over-amazon-flipkart -2021-06-21. But watchers of the influential government army say its complaints won’t fall on deaf of ears in the upper echelons of Prime Minister Narendra Modi’s administration.

“The ministry of finance raising such concerns would likely spur a rethink of the policy,” said Suhaan Mukerji, managing partner at India’s PLR Chambers, a law firm that specializes in public policy issues.

India in June shocked the e-commerce world with proposals from its consumer affairs ministry that sought to limit ‘flash sales’ rein in a push to promote private-label brands push and raise scrutiny of relationships between online marketplaces operators and their vendors. There is not yet a formal implementation timeline for the new rules.

Though the rules were announced after complaints from brick-and-mortar retailers about alleged unfair practices of foreign companies, they also drew protest from Tata Group, with more than $100 billion in revenue https://reut.rs/3hQinGB, which is planning an e-commerce expansion.

Here are the 10 things to know about the company:

• With the IPO, Truecaller will be joining a list of other Swedish companies such as Klarna and Trustly that are looking to tap the public markets.
• Truecaller plans to use gross proceeds of about 1 billion Swedish crowns ($116.08 million) to growing its business in existing markets and entering new ones.
• Truecaller counts Sequoia, Atomico, OpenOcean, and Lleiner Perkins among its investors, and more than 10% of the company was owned by its employees.
• The company, which has been profitable, has about 280 million monthly active users and counts India as its biggest market. It earns its revenue from advertising and subscriptions services.
• The company was co-founded by Nami Zarringhalam and Alan Mamedi in 2009. Recently, Bing Gordon, a partner at venture capital firm Kleiner Perkins Caufield &Byers, has been appointed as the new chairman, replacing Zarringhalam.
• Zarringhalam will remain a member of the company’s board as well as its chief strategy officer.
• Zarringhalam and Mamedi intend to control a majority of the company’s voting power through ownership of Class A shares, news agency Reuters reported.
• Mamedi told news agency Reuters, “In some of the Western markets like the U.S. we have seen good traction and we have already started some investments into these markets.”
• Truecaller is planning to list its Class B shares on Nasdaq Stockholm.
• Gordon in an interview with Reuters had said, “This is a time where Alan and Nami would have to provide their best leadership.”