 "True Balance raises Rs 100 cr from Softbank Ventures, others")
Mobile balance management service firm Balance Hero has raised Rs 100 crore from Softbank Ventures Korea and other investors.
The South Korean firm owns and operates True Balance app in India that allows users to check their mobile call and data balance.
"The investment (Series B) includes additional funding from the global venture capital firm SoftBank Ventures Korea which participated in the Series A round and funding from new investors including IMM Investment, Mega investment, Korea Development Bank and Capston Partners," the company said in a statement.
Balance Hero had raised Series A funding in April last year. The app has seen 30 million downloads in 24 months since its launch.
"With this development (investment), True Balance will be looking at an accelerated growth towards achieving 100 million downloads for the next year in India," it said.
The additional funding will help spur business growth even further, said Cheol-won Lee, chief executive officer (CEO) of Balance Hero.
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"True Balance has been growing exponentially passing the 30 million download mark, targeting 100 million by the end of this year," he added.
SoftBank Ventures Korea President and CEO Gyu Hak Moon said within the first year of its investment in the company, Balance Hero has seen a "3,000 per cent growth in app downloads".
"Due to rapid expansion of Indian market, the company's estimated potential seems to be even greater," Moon said.