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

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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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.