Softbank Ventures Korea invests in True Balance
The investment will help True Balance expand to the 15 telecom circles in India.

The investment will help True Balance expand to the 15 telecom circles in India.

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.


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