True Balance, a mobile application which keeps track of user’s talktime and mobile data balance and spending, has raised ₹100 crore in its latest Series B round. The funding round was led by SoftBank Ventures Korea, an investment arm of SoftBank Group, and IMM Investment.
Apart from them, a clutch of other high-profile investors, such as Mega Investment, Korea Development Bank and Capstone Partners, also participated in this funding round. This investment comes just about 11 months after the company raised an undisclosed amount of funding in Series A round. That round too was led by SoftBank Ventures Korea.
Last month, the company had announced monetization plans — introduction of ads and a recharging option on its platform. The app currently claims over 30 million downloads and 2 million daily active users.
True Balance, owned and operated by Balance Hero Co Ltd, was launched in September 2014 by Charlie Lee. In India, the service is run by Balance Hero India, which is an wholly owned subsidiary of South Korea-based Balance Hero Co Ltd.
The app allows users to keep track of their balance every time they make a recharge or make calls. It can also track the amount of data consumed, including on dual SIM phones along with a breakdown of the balance based on rate cutter plans, promo plans, data or call packs and main balance.
The mobile application currently supports all 22 circles and most telecom operators in India. The app credits users with redeemable “points” for inviting friends and family, which can be used for recharges. It also provides rewards to users when they download certain games or utility apps, which can be converted to points.
With the new funding coming in, the company is planning to expand operations into Indonesia by the end of this year and in other countries at a later stage. In India, the app competes against the likes of FreeCharge’s Juice and SmartBro, which also offers similar tracking features.