True Balance, a New Delhi and Korea-based mobile balance management service app has raised $15 million (INR 1 billion) in Series B round of funding. The investors including IMM Investment, Mega Investment, Korea Development Bank, and Capstone Partners participated in the round along with the existing investor SoftBank Ventures, Korea.
The company plans to use these funds to upgrade their app and aims to reach 100 million downloads in 2017.
True Balance is a mobile app that lets its users check their mobile call & data balances. It converts a text message with available balance to infographics so that the users can easily check the balance, purchase a prepaid account, recharge their balance and track data usage. It was launched by Balance Hero in India in 2014. Balance Hero is a startup founded in 2014 by Cheol-won Lee.
“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, Balance Hero.
The mobile recharge segment is dominated by payment companies such as Paytm, Freecharge, and MobiKwik. Other apps such as Smartapp, BillBachao, and Mubble use analytics in the backend and help consumers track various metrics of usage and save on bills.
In March last year, True Balance had raised an undisclosed amount of investment in a Series A round of funding from SoftBank Ventures Korea.
“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 the Indian market, the company’s estimated potential seems to be even greater,” said Gyu Hak(Greg) Moon, President and Chief Executive, SoftBank Ventures, Korea.