True Credits, an NBFC and an affiliate of the lending company True Balance, has raised $30 in debt funding. In another development, AI-driven industrial robots maker Haber has raised $20 million in its Series B funding.
True Credits bags $30m funding
True Credits, an NBFC and an affiliate of the RBI-authorised lending company True Balance, has raised $30 in debt funding, it announced on Tuesday.
True Balance is operated by Balancehero India Private Limited, the wholly-owned subsidiary of Balancehero Co Ltd Korea.
This third round of investment has come from a 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, the company said in a statement.
With the latest infusion, the total debt raised by the company stands at $55 million in FY21.
True Balance claims to have disbursed loans worth over Rs600 crore in this calendar year through its licensed NBFC subsidiary. The company sees over 10 lakh transactions per month on its platform for various financial services, loans being the primary contributor.
Haber raises $20m Series B
Other investors that were part of the financing included Accel, Elevation Capital, Beenext, Temasek partner Mukul Chawla and the founders of GreyOrange, another robot as a service company, SamayKohli, and Akash Gupta.
Accel had also led the startup’s Series A funding in 2019.
The company will use the fresh funding to expand its reach across new geographies and industries, with a goal to save over 400 billion litres of water in the next two years and to deploy over 10,000 eLIXAs in the next 5 years.
eLIXA is the company’s flagship product that was launched in 2017.