Balance Hero, an Indian startup providing mobile balance checking app True Balance, has raised INR 100 crore (US$15 million) in Series B round of funding from existing investor SoftBank Ventures Korea.
New investors, including IMM Investment, Mega Investment, Korea Development Bank, and Capston Partners, have also participated.
The funding comes only eight months after the startup secured an undisclosed sum in Series A from SoftBank in April last year.
With this development, True Balance will be looking at an accelerated growth towards achieving a 100 million downloads over the next year. Said Cheolwon (Charlie) Lee, Founder and CEO of True Balance: “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.”
True Balance was launched in 2014 by South Korean expatriate Lee. The app claims to be providing quicker and intuitive balance check, call log, data pack assessment, and recharge service for prepaid Android smartphone users. It uses Big Data to give real time information on best plans and offers and also helps earn and recharge balance.
The app recently added a new recharge feature and reward ads service to increase user convenience.
True Balance claims to have crossed 30 million downloads as of today.
Gyu Hak(Greg) Moon, President and CEO of SoftBank Ventures Korea, stated: “The most impressive investment of the previous year was Balance hero. Within the first year of investment, there was 3,000 per cent 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.”