India Deal Monitor: True Balance raises $28m from SoftBank, others and more updates

Balancehero India Pvt. Ltd, which operates financial technology firm True Balance, has raised $28 million in a Series D round of funding from SoftBank Ventures Asia and South Korea-based investment firms Naver, BonAngels, Daesung Private Equity, and Shinhan Capital.

The Gurugram-based subsidiary of Balancehero Co. Ltd Korea will use the funding proceeds to fuel the company’s India expansion plans, bolstering technology, and preparing for the next round of growth that it now foresees, it said in a statement.

“From the day we launched, our focus was on the next billion Indian users. These people will continue to be at the heart of every decision-making process, every change, every pivot, every new service, or product line that we introduce in India. We will continue focusing on non-online payment users, non-credit score users, people who deserve our help, but need a way to get to it,” Charlie Lee, Founder and CEO, True Balance said.

True Balance, which was officially launched in India in 2016, has disbursed via its primary loan products over Rs 1oo crore this year alone to India’s underbanked, uncredited, unaccessed, and the financially uneducated.

The company had previously raised $62 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and others.

INDIA DEAL MONITOR

Here are prominent venture capital transactions in India from November 15-22, 2020.

Expand Table

StartupHeadquarterInvestment Size (USD)Investment StageLead Investor(s)Other Investor(s)IndustryVerticals
True BalanceGurugram28 millionSeries DSoftBank Ventures Asia, Daesung Private EquityNaver, BonAngels, Shinhan CapitalFinancial ServicesFinTech
PlumBengaluru4.04 million-Sequoia's SurgeIF India Partnership, Tanglin Ventures, AngelListInsuranceInsuretech
InstoriedBengaluru1 millionPre-Series AMumbai Angels, 9UnicornsJPIN, Jain Angel Network, SOSV, Artesian, FAAD Angel Network, Lead AngelsInternetAI and Machine Learning
ZeotapBengaluru18.5 millionSeries CSignalFire's Breakout Fund-Marketing/AdvertisingBig Data
TurtlemintMumbai30 million-GGV CapitalAmerican Family Ventures, MassMutual Ventures, SIG, Sequoia Capital India, Blume Ventures, Nexus Venture Partners, Dream Incubator, Trifecta CapitalInsuranceInsuretech
MindTickleSan Francisco100 millionEquity/DebtSoftbank’s Vision Fund 2Norwest Venture Partners, Canaan Partners, New View Capital, NEA, Accel Partners, Qualcomm VenturesSoftwareSales & Marketing Software
ProlixrGurugram-SeedAlfa Ventures, Divij Bajaj-Consumer ProductsBeauty & Hygiene
Kitchens CentreDelhi-Pre-Series AVillage Global-Real Estate Development & Operating CompanyRestaurant Tech
DaMENSCHBengaluru6.7 millionDebt/EquityMatrix Partners IndiaSaama Capital, Whiteboard Venture Partners, Alteria CapitalConsumer Products-
AnimallBengaluru6 millionSeries ASequoia CapitalOmnivore, LetsVentureRetailE-commerce
ClinikkBengaluru-Pre-Series AEmphasis VenturesTimes Internet Ltd, WEH Ventures, 500 Durians fundHealthcare ServicesHealthTech
ArataDelhi1 millionPre-Series ANikhil Vora, Rohan VaziralliDSG Consumer PartnersConsumer ProductsFitness & Wellness
Grene RoboticsHyderabad-Angel--SoftwareRobotics & Drones
AdvaRiskMumbai312292EquityICICI Bank-Financial ServicesFinTech
ArzoooBengaluru--Eric Yuan, Bill Tai-Consumer ElectronicsE-commerce
UdemySan Francisco50 millionSeries F-Learn CapitalEducation/TrainingEdTech
NIRABengaluru1 million---Financial ServicesFinTech
ThriveMumbai-Pre-Series AWhiteboard Capital, Ahimsa Capital-FoodFoodTech
PrescribeChennai134952SeedTitan Capital AngelList, Curofy foundersHealthcare ServicesHealthTech
PlayerzPotMumbai3 millionSeries A--Travel & LeisureeSports
Krimanshi TechnologiesJodhpur674763SeedRajasthan Venture Capital Fund (RVCF)-BiotechnologyBiotech

 

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.