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True Balance raises $14mn in series B funding round from Korean Development Bank & others existing investors


True Balance is a mobile app for checking mobile prepaid balance

Bengaluru – Feb 20, 2017. RedNewswire/-

True Balance is a mobile app that allows prepaid Android smartphone users to check balance, call logs and data packs, also offers a recharge service.

It has raised $14 mn in series B funding round from IMM Investment, Korean Development Bank, Capstone Partners and existing investors SoftBank Ventures Korea &  Mega Investments.

True Balance was launched by Balance Hero in India in 2014. Balance Hero is a startup founded in 2014 by Cheol-won Lee.  Prior to starting True Balance, Lee was president and CEO of Access Mobile, a Seoul-based provider of value added mobile services, which had Vodafone and Idea as its clients.

It claims to have crossed the 2 million downloads mark. As of Feb 2017, the mobile app has 2 million daily active users and has recorded over 30 million downloads.

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 their balance and track data usage.

This technology is available for prepaid mobile phone users, who use services from nine telecommunication providers in 22 telecommunication circles in India.

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 Mn download mark, targetting 100 Mn by the end of this year. We have also recently introduced the ‘one-click recharge feature’ to dramatically improve the convenience of mobile life.”

SoftBank Ventures Korea was established in 2000 as a subsidiary of SoftBank Group.  Gyu Hak Moon, the president and chief executive of SoftBank Ventures Korea said..

“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.”

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