New Delhi: Softbank Ventures Korea, the venture capital arm of Japan’s SoftBank, has invested an undisclosed amount in True Balance, a mobile app that keeps users updated about their prepaid mobile account, the company said in a statement.
It will use the fund for product enhancement and expansion.
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 app is currently working in seven telecom circles with more than 40% monthly active users. The investment will help the company expand to the 15 telecom circles in India.
“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.
The company claims to have crossed 2 million downloads and has targeted 10 million downloads in the next nine months. SoftBank Ventures Korea was established in 2000 as a subsidiary of SoftBank Group. It has been investing in various digital technology companies along with its major communications business.