SoftBank Ventures Korea has made an investment of an undisclosed amount in True Balance, one of India’s integrated, one touch prepaid mobile balance manager app. This announcement follows True Balance’s recent announcement of registering more than 25 lakh downloads within 17 months since establishment.
The funds from SoftBank Ventures Korea, will help True Balance accelerate its expansion plans along side enhancing its product advantage.
Launched in September 2014 by seasoned entrepreneur Charlie (Cheolwon) Lee, True Balance provides 10 times quicker and more intuitive balance check, call log, data pack assessment, and recharge service for prepaid Android smartphone users. With its innate capability to use Big Data to give real-time information on best plans and offers, the app also helps earn and recharge balance, thereby making it one of the most adaptive platforms within its category.
JP Lee, Director of SoftBank Ventures Korea said, “The True Balance application retires the old, inconvenient way of checking your current mobile balance, which was to dial your USSD code. The finger-swiping app to check your 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 your balance log data, enabling it to be the most valuable, as a potential mobile wallet, for the future. “
This 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.
Charlie Lee, founder of True Balance said, “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.”
He added, “Our goal in the long run is to enable people around the world to communicate freely with their loved ones without any stoppage. True Balance app is the first step towards our vision, which has been developed for prepaid users who relatively pay more for using data networks. This year our focus will be to continue providing the market with the best of our products. We have already crossed the 2 million downloads mark this March and looking to achieve a new milestone of 10MN downloads in the next 9 months.”