<article><a style="color: #000080;" href="http://truebalance.io" target="_blank">True Balance</a>, a mobile app that helps users check data and talktime balance on prepaid connections, is in talks with investors to  raise upto $10 million.</article>

<a style="color: #000080;" href="http://truebalance.io" target="_blank">True Balance</a>, a mobile app that helps users check data and talktime balance on prepaid connections, is in talks with investors to  raise upto $10 million.
The Gurgaon-based company was founded by Cheolwon Lee in September 2014. It has 25 employees, half of which are South Korean nationals. It had raised $1 million in funding from Korean early-stage investors <a style="color: #000080;" href="http://www.bonangels.net/en" target="_blank">Bon Angels</a> and <a style="color: #000080;" href="http://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=235582066" target="_blank">Mega Investment Co</a>. last year.
Lee, speaking on phone from Seoul, told DEALSTREETASIA that existing investors are among those he is in talks with. He said that the funding should close by February and will be between $5 million and $10 million.
The app fills a void in India, where prepaid users make up 96 per cent of the 900 million mobile connections. Checking remaining balance for mobile minutes, data, and days left is difficult, as users need to send messages to different numbers and the answering message cannot be saved on most smartphones. On top of that, many prepaid users have phones with two SIM cards, which makes the issue more complicated. &#8220;Prepaid consumers are always trying to figure out how much balance they have,&#8221; said Lee.
True Balance&#8217;s Android app allows users to check their leftover balance, and other information such as days left on the current pack, special offers from the telecom provider, and remaining data, all on a single mobile screen. It works with multiple mobile operators in India.
In the first week of January, the app was installed 220,000 times on average per day. Since its launch, the app has hit more than 1 million downloads.
The app worked only for customers in Delhi NCR when it was launched, but has since expanded to Mumbai, Karnataka and Haryana circles as well. The new round will help Lee offer the service in smaller towns and cities, where prepaid connections dominate. True Balance will also introduce online payment options so that recharges can be done without leaving the app.
Prepaid connections are popular in other developing nations, such as Indonesia and southeast Asia, and Lee plans to reach customers there as well. &#8220;I wanted to be in India first because of the booming market. Once we capture a majority marketshare here, we will be starting the service in Indonesia. That should happen this year,&#8221; Lee said.
Before founding True Balance, Lee was president and CEO of Access Mobile, a Seoul, South Korea-based provider of value added mobile services, which had Vodafone and Idea, two of India&#8217;s top four mobile operators, as clients. Before that, he used to head RealNetworks, makers of the digital media player, for the Asia region.
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True Balance, a mobile app that helps users check data and talktime balance on prepaid connections, is in talks with investors to  raise upto $10 million.

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