Mobile management services-cum-digital payments startup True Balance has raised $23 million in a bridge round of funding from Japan-based global messenger Line Ventures Corporation, Korean search engine Naver, Korean lender Shinhan Bank along with TS Investment and other partners.
The Softbank-backed company will use the fresh capital infusion into expanding its current team size besides offering new products to customers in India.
Launched in 2014 by Korean entrepreneur Cheol-won (Charlie) Lee, True Balance allows Android app users to check their mobile call and data balances, without the need for internet connectivity. It provides consumers with real-time information on the best plans and offers from telecom operators and helps them earn and recharge their prepaid mobile accounts.
Unlike other recharge options, such as Paytm, Freecharge, and MobiKwik, the Gurugram-headquartered company focuses primarily on mobile balance management and has evolved in ways that Indian people can manage communication and data more conveniently at lower costs.
Last year, True Balance got RBI licence to operate its wallet service in India and begins its operation in December 2017. True Balance wallet lets users pay in advance for mobile recharges, much like Paytm and Mobikwik. Users can also send money to each other. In compliance with RBI regulations, money can be transferred back to bank accounts.
In February 2017, True Balance had raised Rs 100 crore in a Series B round of funding from existing investor SoftBank Ventures Korea and new investors IMM Investment, Mega Investment, Korea Development Bank, and Capston Partners.
The startup raised its undisclosed Series A round in March 2016 from SoftBank Ventures Korea–the Korean arm of Japanese Internet conglomerate SoftBank Group Corp.
As of September 2017, the mobile balance management app clocked 50 million downloads and recently it expanded its service to post-paid SIM users.
In January, this year, a VCCircle report said that True Balance plans to raise about Rs 351 crore by issuing compulsorily convertible debentures to its Seoul-based parent Balancehero.
The report also mentioned that the company intends to offer additional payments services, including domestic money remittances, bill payments and financial transactions for online and retail merchants.
The development was reported by ET.