Mobile balance management app True Balance has raised Rs 100 crore in a Series B funding led by Softbank Ventures Korea, and IMM investment reports Economic Times. The new round of funding comes a month after the company announced monetization plans by introducing ads and a recharging option on its platform. Other investors who participated in the round include Mega Investment, Korea Development Bank, and Capstone Partners.
The Gurgaon-based company had earlier raised an undisclosed amount of Series A funding led by Softbank Korea in March last year. 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 and call packs and main balance. It currently supports all 22 circles and most telecom operators. True Balance is owned and operated by Balance Hero Co Ltd, which was launched in September 2014 by Korean entrepreneur Charlie (Cheolwon) Lee.
Monetization via ads and recharges
The app currently claims over 30 million downloads and 2 million daily active users. It recently started monetizing via ads and recharges by enabling users to recharge their phones through a transaction screen on the app. It also sounds a notification alert if the user hits a certain data usage limit, warning them to recharge before their balance runs out.
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. The company plans to expand operations into Indonesia by the end of this year and in other countries China and South America. True Balance will look to compete with other balance tracking apps and recharge providers including FreeCharge’s Juice, SmartBro, and Mubble.