Mobile balance management app True Balance Monday announced it has secured investmnet of Rs 100 Crore in Series B round of funding from Softbank Ventures Korea and some other VCs.
The investment includes additional funding from the global venture capital firm SoftBank Ventures Korea which participated in the Series A round and funding from new investors including IMM Investment, Mega investment, Korea Development Bank, and Capston Partners.
The utility app True Balance developed by Balance Hero crossed 10 million downloads in July last year in just 19 months after it was officially launched in India. It is rapidly growing, now with outrunning 30 million downloads 24 months into launch. India is expected to surpass the U.S.A. and become the world’s second largest mobile market. The additional investment was made possible as Balance Hero’s capabilities of rapidly grabbing market share in the Indian market were recognized.
“The additional funding will help us spur our business growth even further. True Balance has been growing exponentially passing the 30 million download mark, targeting 100 million by the end of this year. We have also recently introduced the ‘one click recharge feature’ to dramatically improve the convenience of mobile life,” said Cheol-won Lee, CEO of Balance Hero, the parent company of True Balance.
“The most impressive investment of the previous year was Balance hero, within the first year of investment, there was 3000% growth in app downloads, and this denotes the company’s growth. Due to rapid expansion of Indian market, the company’s estimated potential seems to be even greater,” said Gyu Hak(Greg) Moon, the president & CEO of SoftBank Ventures Korea.
“Balance Hero is preemptively providing a must-have service for users in the rapidly growing Indian market, and we decided to invest in the company because we expect the number of users and their revenue to grow,” said Seong-bae Ji, CEO of IMM Investment. “We hope to see more Korean startups succeed in mega markets like China and India, and we will actively support Balance Hero so they can become a model case.”
True Balance is an app launched by Balance Hero in India in 2014. True Balance converts a text message with available balance to infographics so that the users can easily check the balance, purchase a prepaid account, recharge the balance and track the data usage. The app passed the 10 million download mark in July 2016 in just 19 months into launch and near 30 million downloads 24 months into launch.