India: Softbank Korea, IMM Investment lead $15m Series B funding in True Balance

SoftBank
Photo: Bloomberg

Mobile balance checking app True Balance has raised nearly $15 million (Rs 100 crore) in a Series B funding round led by Softbank Ventures Korea, the venture capital arm of Japan’s SoftBank, and IMM Investment, as per a report in The Economic Times.

A clutch of South Korean investors including Mega Investment, Korea Development Bank, and Capstone Partners too participated in the latest financing round, the report added.

Gurgaon-based True Balance, an app founded by a South Korean expatriate Charlie (Cheolwon) Lee, provides balance check, call log, data pack assessment, and recharge service for prepaid accounts on Android smartphones. It also provides real-time information on best plans and offers from telecom operators, and helps users earn and recharge their prepaid mobile accounts.

True Balance, operated by Balance Hero India, had earlier raised an undisclosed amount in a Series A funding round led by Softbank Korea in March last year. Balance Hero India is a wholly-owned subsidiary of South Korea’s Balance Hero.

True Balance, which has seen about 30 million downloads since its launch in September 2014, plans to set up shop in Indonesia by the end of the year, followed by China and South America, the report added.

Prior to starting True Balance, Lee was president and CEO of Access Mobile, a Seoul-based provider of value added mobile services, which had Vodafone and Idea as its clients.

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