Gurgaon-based startup True Balance, an app that allows users to check their mobile phone balance has raised $15 million (Rs 100 crore) in a Series B round of funding from existing investor SoftBank Ventures Korea and new investors IMM Investment, Mega Investment, Korea Development Bank, and Capston Partners.
True Balance was launched by Balance Hero in India in 2014. Balance Hero is a startup founded in 2014 by Cheol-won Lee. As per a company statement, True Balance crossed 10 Mn downloads in July last year and, currently, it has about 30 Mn downloads.
The mobile recharge segment is dominated by payment companies such as Paytm, Freecharge, and MobiKwik. Other apps such as Smartapp, BillBachao, and Mubble use analytics in the backend and help consumers track various metrics of usage and save on bills.
As per a recent report by Google and the Boston Consulting Group, India currently ranks number two in the world with over 1 Bn mobile subscriptions. Of this, approximately 240 Mn consumers use smartphones and this base is projected to increase to over 520 Mn by 2020.
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. Recently, it has also added a new recharge feature and reward ads service.
Gyu Hak (Greg) Moon, President and CEO, SoftBank Ventures Korea said,
“The most impressive investment of the previous year was Balance Hero.” Moreover, he added that “within the first year of investment, there was 3,000 percent growth in app downloads, and this denotes the company’s growth. Due to the rapid expansion of the Indian market, the company’s estimated potential seems to be even greater.”