Mobile balance management startup, True Balance secures Rs 100 Crore($15 Million) of Series B funding from Korean Based Softbank Ventures and new investors IMM Investment, Mega Investment, Korea Development Bank and Capston Partners.
The Gurgaon-based startup was founded in September 2014 under name of Balance Hero by Cheolwon Lee. True Balance is a balance management utility application that helps prepaid users save and manage their mobile balances. The startup has over 30 Million downloads in both Google Play store and Appstore. In March 2016, True Balance had raised an undisclosed amount in Series A round from Soft bank Ventures Korea.
Cheol-won Lee, CEO of Balance Hero, said: “The additional funding will help us spur our business growth even further. True Balance has been growing exponentially, passing the 30-million download mark, targeting 100 million by the end of this year. We have also recently introduced the ‘one-click recharge feature’ to dramatically improve the convenience of mobile life.”
Balance Hero is a South Korean firm owns and operates True Balance app in India that allows users to check their mobile call, data balance and also provide service recharge and top-up.
Gyu Hak (Greg), President, and CEO, SoftBank Ventures Korea said: “The most impressive investment of the previous year was Balance Hero. Within the first year of investment, there was 3,000 percent growth in app downloads, and this denotes the company’s growth. Due to the rapid expansion of the Indian market, the company’s estimated potential seems to be even greater.”
True Balance converts a text message with the available balance to infographics so that the users can easily check the balance, purchase a prepaid account, recharge their balance and track data usage. The company plans to utilize the funding to improve user convenience through upgrades and aims to reach 100 million downloads by end of 2017. Read more startup funding news.