Japan-based SoftBank Ventures Korea (SBVK) has invested an undisclosed amount in a Series A funding in True Balance, an integrated prepaid mobile balance application.
The funds from SBVK, will help True Balance accelerate its expansion plans and enhancing its product advantage, True Balance said in a statement here.
Earlier, True Balance had announced of registering over 25 lakh downloads within 17 months since establishment.
Launched in September 2014 by seasoned entrepreneur Charlie (Cheolwon) Lee, True Balance provides quick and intuitive balance check, call log, data pack assessment, and recharge service for prepaid Android smartphone users.
"What attracted us to True Balance is that it is purpose-built for centralising and analysing your balance log data, enabling it to be the most valuable, as a potential mobile wallet, for the future," Director of SBVK, JP Lee said.
The investment comes as part of True Balance's Series A funding followed by last year's seed funding from renowned Korean VC, Bon Angels partners and Mega Investment.
"Our journey to be a 'must have application for all 200 million smartphone users in India' has just begun. With SoftBank Ventures Korea team's commitment to the rising Indian startup, we are more than confident to provide simple and hassle free balance managing service to all Indian users," Founder of True Balance, Charlie Lee said.
This year True Balance will continue to focus on providing quality products. The application has crossed the 2 million downloads mark this March expects 10 million downloads in the next 9 months, the company said.
