True Balance Raises Rs 100 crore in Series B funding led by Softbank Korea-AIB
India’s top mobile balance management service app “True Balance raised a sum of Rs 100 Crore in Series B round of funding .The additional funding from Softbank Ventures Korea and some renowned VCs came only after 8 months since Balance Hero received the Series A investment in April 2016. With this development, True Balance will be looking at an accelerated growth towards achieving a 100 million downloads for the next year.
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.
True Balance has evolved in ways that Indian people can manage and consume communication and data more conveniently at less cost. It has recently added a new recharge feature and reward ads service to increase user convenience and plans to continue updating the app to further increase user satisfaction and create aggressive business model.
Speaking on the new round of funding Mr. Cheol-won Lee, CEO of Balance Hero said “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.”
Gyu Hak(Greg) Moon, the president & CEO of SoftBank Ventures Korea stated “The most impressive investment of the previous year was Balance hero”. Moreover, he added that “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.”
“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.”
About Balance Hero
Balance Hero is a startup founded in 2014 by Cheol-won Lee who led Wider Than and Access Mobile. In 2014, the company launched True Balance, an app that allows users to check their mobile call balance and data balance and successfully completed the Series A and Series B funding rounds in 2016 as its growth potential was recognized. Beginning with providing a solution to efficiently manage mobile usage in low-bandwidth countries such as India, the company is committed to creating a world where users can communicate freely with each other at a reasonable cost.
About the app True Balance
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. It has ranked as the top Lifestyle app at the Google Play Store. Last month, it was selected as Google Play Store’s App Starter Kit (a set of the most popular apps in the country).
Most of all, True Balance is enabled by the engine technology for automated text messages translation which was developed in-house and is patent- processing in India and global. This technology is available for prepaid mobile phone users who use services from 09 telecommunication providers in 22 telecommunication circles in India. Considering the low-bandwidth in India, it enables users to check their balance in real-time even when data service is not available for their mobile phones.