India's top mobile balance management service app True Balance on Monday announced that it has raised a sum of Rs. 100 crore in Series B round of funding from Softbank Ventures Korea.
The company announced that some renowned VCs came only after eight months since Balance Hero received the Series A investment in April 2016.
With this development, True Balance will be looking at an accelerated growth towards achieving a 100 million downloads for the next year.
The investment 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 utility app True Balance developed by Balance Hero crossed 10 million downloads in July last year in just 19 months after it was officially launched in India.
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It is rapidly growing, now with outrunning 30 million downloads 24 months into launch. India is expected to surpass the USA and become the world's second largest mobile market.
The additional investment was made possible as Balance Hero's capabilities of rapidly grabbing market share in the Indian market were recognized.
True Balance has evolved in ways that Indian people can manage and consume communication and data more conveniently at less cost. It has recently added a new recharge feature and reward ads service to increase user convenience and plans to continue updating the app to further increase user satisfaction and create aggressive business model.
"The additional funding will help us spur our business growth even further. True Balance has been growing exponentially passing the 30 million download mark, targeting 100 million by the end of this year. We have also recently introduced the 'one click recharge feature' to dramatically improve the convenience of mobile life," added CEO of Balance Hero, Cheol-won Lee.
"The most impressive investment of the previous year was Balance hero," said president and CEO of SoftBank Ventures Korea, Gyu Hak(Greg) Moon.
"Within the first year of investment, there was 3000 percent growth in app downloads, and this denotes the company's growth. Due to rapid expansion of Indian market, the company's estimated potential seems to be even greater," added Gyu Hak.
"Balance Hero is preemptively providing a must-have service for users in the rapidly growing Indian market, and we decided to invest in the company because we expect the number of users and their revenue to grow," said CEO of IMM Investment, Seong-bae Ji.
"We hope to see more Korean startups succeed in mega markets like China and India, and we will actively support Balance Hero so they can become a model case," added Seong-bae.