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True Balance raises $30 million in debt for financial arm

With this, the total debt fund raised stood at USD 55 million in FY2021, a statement said.

November 23, 2021 / 03:45 PM IST
Representative image

Representative image

True Credits – the NBFC and an affiliate of an RBI-authorised lending company True Balance – on Tuesday announced a debt fundraise of USD 30 million (about Rs 223.2 crore) from investors, including Northern Arc, Arthmate, Shine Star and others.

With this, the total debt fund raised stood at USD 55 million in FY2021, a statement said.

This third round of investment has come from the mix of new and existing investors namely, Northern Arc, Arthmate, Shine Star, E clear and Hinduja, and other Korean investors to support the company’s growth in India, it added.

Our resolve to make finance available for all, gets strengthened with each round of debt fund we raise. The pandemic has brought out the major gap which highlights how the traditional banking system has not been able to fulfill the credit needs of many Indian users,” True Balance Chief Financial Officer Vishal Bhatia said.

He added that True Balance aims to be the one-stop-solution and financial partner for the new to credit users. True Balance India is the wholly owned subsidiary of Balancehero Co Ltd, Korea which runs and operates the lending platform – 'True Balance'.

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The fintech company has disbursed loans over Rs 600 crore in this calendar year through its licensed NBFC subsidiary True Credits.

True Balance India is the wholly owned subsidiary of Balancehero Co Ltd, Korea which runs and operates the lending platform – 'True Balance'.

True Balance sees over 10 lakh transactions per month on its platform for various financial services, Loan being the primary contributor.

The company’s loan book has grown at 2500 per cent in calendar year 2021 for small ticket size products – the key product focused towards new-to-credit users, Level Up Loan.

The company intends to cater to customers within the monthly income bracket of Rs 10,000 to Rs 40,000. The company’s loan book has grown at 2500 per cent in calendar year 2021 for small ticket size products – the key product focused towards new-to-credit users, Level Up Loan.

True Balance disburses about 7,000 loans a day, with ticket sizes starting as low as Rs 1,000 and going up to Rs 50,000. The company, which is logging 30-50 per cent month-on-month growth, aims to achieve break-even before the end of this financial year.

True Balance has previously raised series D funding of USD 28 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and other global investors last year, taking total equity funding to USD 85 million.
PTI
first published: Nov 23, 2021 03:45 pm
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