NEW DELHI: Aiming to achieve 100 million downloads for the next year, mobile balance management service app True Balance has raised Rs 100 Crore in Series B round of funding. 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 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.
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 USA 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 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.”