We all have struggled with using various confusing codes such as *555*1#, *123*10# etc to check the balance of different call and data packs on our phones. An app by Gurgaon-based startup True Balance aims to solve this problem encountered every second, by numerous prepaid mobile subscribers in India. And the startup has in fact received backing for the same, from none other than SoftBank Ventures Korea, which — as you must have already guessed — is a subsidiary of SoftBank Group.
The funds — which founder Charlie Lee told The Tech Portal to be in “millions of dollars” — will be used for aiding expansion, marketing, and hiring efforts. Like its name, True Balance app shows a user his true prepaid balance on a single mobile screen, be it of the prepaid amount left, amount of data left in data pack, expiry date of packs, and so on.
First launched in Delhi in 2014 by entrepreneur Charlie (Cheolwon) Lee, True Balance currently works with multiple mobile operators in Delhi NCR, Mumbai, Karnataka, and Haryana circles. The startup plans to use the latest funds to launch the app in smaller towns and cities.
On the latest round of investment Lee further 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.
In the first week of January, the app was installed 220,000 times on an average per day which helped it in making a place in top 5 downloads of Google Play Store. It has already been downloaded 2 million times and aims to achieve 10 million downloads in the next nine months.
This prepaid mobile balance manager for Android users, developed and maintained by Balance Hero, provides 10 times quicker and more intuitive balance check and recharge service with one-touch, fully loaded experience of all aspects associated with prepaid balance and data consumption. True Balance app is successfully working in 7 telecom circles with more than 40% MAU(monthly active users). With this investment we will expend True Balance services to remaining telecom circles in India.
True Balance is also planning to launch its own mobile wallet feature and introduce the payment feature in the app to enable mobile recharges without leaving the app. This investment marks the first investment into an Indian company by SoftBank Ventures Korea, which was established as a subsidiary of SoftBank Group in 2000.
On his decision to invest in True Balance, Director of SoftBank Ventures Korea, JP Lee said,
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.
The firm usually invests in companies across modern digital technology and mobile communications sectors such as mobile services, digital media, e-commerce, industrial technology, data management, gaming, device and equipment.