Softbank Ventures Korea invests in India's True Balance
Softbank Ventures Korea has committed an undisclosed amount of Series A funding to India's True Balance, developer of an app to help users check their prepaid SIM card balance.
The company will use the funding, which founder Charlie Lee told the Economic Times comes to several million dollars, to improve its product and accelerate expansion. It hopes to reach 10 million users by the end of the year.
True Balance helps prepaid account users check their balance and call log, review the terms of their contract, and recharge their balance. The app works with seven Indian telecom providers, which also use the service to advertise new offers and promote new plans to customers.
Balance Hero, the parent company of True Balance, was founded in 2014 by Lee, a South Korean expatriate who first came to India in 2002 as the head of India for Real Networks. Previous investors include Korean VC firms Bon Angels Partners and Mega Investment, which contributed an undisclosed amount of seed funding last year.
Softbank Ventures Korea pursues investments in information technology start-ups across Asia. Recent commitments include a $26.7 million bridge round for Singapore-based online grocer Redmart, which the firm participated in alongside Visionnaire Ventures and Garena.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.