True Balance Gets .₹ 100 cr from SoftBank Ventures Korea, Others
Despite the general slowdown in funding, sectors like fintech and healthcare continue to recieve investor funds and attention Calling Home 100crFunds
New Delhi: Mobile balance management services startup True Balance has closed an ₹ 100-crore funding round, which was led by SoftBank Ventures Korea, a venture capital arm of the SoftBank Group, and IMM Investment.
The series-B round also saw participation from a clutch of leading South Korean investors, including, Mega Investment, Korea Development Bank and Capstone Partners, andcomesabout11monthsafterthe Gurugram-based company raised an undisclosed sum in equity financing in a round that was also led by SoftBank Ventures Korea.
While the exact financial terms of the transaction were not disclosed, it is believed that the investors now hold about 10-15% stake in the twoyear-old company. The latest investment round has been made in South Korea-based parent company Balance Hero, which owns and operates its wholly owned Indian subsidiary, Balance Hero India.
This, however, is not an investment from SoftBank’s new $100-billion, technology-focussed Vision raised in series B
is an Android app that lets you check data balances without internet connectivity
Fund, the largest pool of private capital assembled, and which will now be the primary investment vehicle for the Tokyo-headquartered Japanese telecom, technology and internet giant’s bets in India going forward. SoftBank Ventures Korea is a venture capital fund, founded in 2000 as an affiliate of SoftBank Korea, a holding company of the SoftBank Group.
Founded by Cheol-won (Charlie) Lee, True Balance is an Android app that allows users to check their mobile call and data balances, without the need for internet connectivity. It provides consumers with real-time information on the best plans and offers from te- lecom operators, and helps them earn and recharge their prepaid mobile accounts.
“India is the second-biggest market for smartphone users, and with 220 million users it has even surpassed the US market in terms of active unique smartphone users. This data speaks volumes for the scale of the Indian market, and the opportunities it provides for any player in the mobile-connected ecosystem,” Lee, chief executive, True Balance, said. True Balance stands apart from the likes of Paytm and FreeCharge, as it focusses primarily on mobile balance management, compared to its larger peers, which have turned their focus more towards payments and mobile wallet transactions.
“We have introduced an important feature — one-click recharge, and we want to be the one-stop destination for Indian mobile users for their balance management,” Lee said. According to the CEO, the mobile app sees about 2 million daily active users, and the company is now exploring options to expand its operations to South and South-East Asia. True Balance, which has clocked about 30 million downloads, plans to set up shop in Indonesia by the end of the year, followed by China and South America, according to Lee.