SoftBank Ventures Korea, part of Japanese internet conglomerate SoftBank Corp, has made an undisclosed amount of investment in a Series A round of funding in Gurgaon-based startup True Balance, an app that allows users to check their mobile phone balance.
The startup will use the funds for product enhancement and expansion, it said in a statement.
Gurgaon-based Balance Hero Co. Ltd, which runs True Balance was founded in September 2014 by Korean origin entrepreneur Charlie (Cheolwon) Lee, who has been in India for almost a decade.
The company provides services such as 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 plans and offers and helps users earn and recharge balance as well.
“The finger-swiping app to check balance is built in an intelligent, fault-tolerant way. What attracted us to True Balance is that it is purpose-built for centralizing and analyzing balance log data, enabling it to be the most valuable, as a potential mobile wallet, for the future,” said JP Lee, director of SoftBank Ventures Korea.
It has previously raised seed funding from a Korean VC, Bon Angels partners among others.
Charlie Lee, founder of True Balance said,
“Our journey to be a ‘must have application for all 200 million smartphone users in India’ has just begun. With SoftBank Ventures Korea team’s commitment to the rising Indian startup, we are more than confident to provide simple and hassle free balance managing service to all Indian users. Our goal in the long run is to enable people around the world to communicate freely with their loved ones without any stoppage.”
SoftBank recently invested $15 million more in realty portal Housing.com. Prior to that, it invested in hyperlocal grocery and food delivery platform Grofers. It has also invested in online marketplace Snapdeal, branded budget hotels marketplace OYO Rooms, online cab booking service Ola.
The company claims to have crossed 2 million downloads and has targeted 10 million downloads in the next nine months.