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True Balance expands balance management service to postpaid numbers

Mobile balance management app True Balance has expanded its service to post-paid SIM users. It will provide balance checking and mobile bill payments in a single interface. The app currently supports postpaid payments for Airtel, Idea, and Vodafone and is looking to expand to Jio.

It gives smart alerts through which post-paid users can know their data consumption, outstanding amount and bill due date. All users can also get cashback from both recharge membership and promo codes that the app offers to both prepaid and postpaid.

This development forms the basis for providing wider services and paves the way for next revenue enhancing growth snippets, the company said in a statement.

The app, which launched as a service for pre-paid SIMs only, claims to have crossed 100,000 daily transactions. For prepaid cards, the app covers 10 network providers in over 22 circles of the country.

Launched in 2014 by Balance Hero, the True Balance app claims to have been downloaded 50 million times. The app has also made tracking data usage more convenient where users don’t have to dial the USSD code on the dial pad physically.

Expansion

In January this year, the company revealed its plan to raise Rs 351 crore ($55.2 million) by issuing compulsorily convertible debentures to its Seoul-based parent Balancehero. The startup received Rs 13.89 crore in three tranches in latter part of 2017. A filing with the Ministry of Corporate Affairs also spoke of the company’s plans to into ancillary payments services, including domestic money remittances, bill payments and financials transactions for online and retail merchants.

The company also build on its profile by launching mobile wallet services in December 2017. This allowed users pay in advance for mobile recharges and send money to each other. Earlier they had to use credit or debit cards to recharge their phone, or use ‘credits’ worth anything from ₹0.2 and above. The impact of mandatory e-KYC (know your customer) norms on mobile wallets has hit the segment hard and True Balance’s services may have been affected too.

The company has received two rounds of funding from SoftBank Ventures in the past: $15 million in February 2017 along with other investors, and an undisclosed amount in March 2016.

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