True Balance raises Rs 100 crore in funding from Softbank Korea
True Balance recently added a new recharge feature and reward ads service to increase user convenience and plans to continue updating the app to further increase user satisfaction.
Feb 20, 2017 / 01:46 PM IST
Mobile balance management app, True Balance has raised Rs 100 crore in Series B round of funding. The round was led by SoftBank Ventures Korea investors including IMM Investment, Mega investment, Korea Development Bank, and Capston Partners.
The company will be using these funds to improve user convenience through upgrades. Eyeing 100 million downloads in 2017, it crossed 10 million downloads in July last year in just 19 months after it was officially launched in India.
True Balance was launched by Balance Hero in India in 2014. It converts a text message with available balance to infographics so that the users can easily check the balance, purchase a prepaid account, recharge the balance and track the data usage.
The app is rapidly growing, now with outrunning 30 million downloads 24 months into launch. India is expected to surpass the US and become the world's second largest mobile market. The additional investment was made possible as company's capabilities of rapidly grabbing market share in the Indian market were recognised.
It recently added a new recharge feature and reward ads service to increase user convenience and plans to continue updating the app to further increase user satisfaction.
Comment on the new round of funding Cheol-won Lee, CEO of Balance Hero said, "the additional funding will help us spur our business growth even further. We have also recently introduced the one click recharge feature to improve the convenience of mobile life."
“The most impressive investment of the previous year was Balance hero". Moreover, he added that "within the first year of investment, there was 3000 percent growth in app downloads, and this denotes the company's growth. Due to rapid expansion of Indian market, the company's estimated potential seems to be even greater,” added Gyu Hak (Greg) Moon, President and CEO of SoftBank Ventures Korea.