Digital Payments and lending platform, True Balance, has raised $23 million in a Series C funding round from Korean investors. The funding round has closed along with NH Investment & Securities, IMM Investment, D3 Jubilee Partners, SB Partners, HB Investment. The existing investor Shinhan capital has also participated in the Series C funding round.
From earlier this year, True Balance has raised $65 Mn to date, including $38 Mn that it closed in its previous financing round.
The SoftBank backed company, True Balance started it as a tool to help its users easily to find their mobile balance, or top up pre-pay mobile credit. But in its four years of journey in the market, today, True Balance serves as a digital wallet app that helps its users to pay their mobile bills, electricity bills, and offers credit to customers so that they can pay later for their digital purchases.
True Balance allows users to check their mobile calls and data usage, and balances without the need for internet connectivity. The mobile app is facilitated with real-time information on the best plans and offers from telecom network operators and helps their consumers to recharge their prepaid mobile accounts.
True Balance primarily focuses on the mobile balance management which includes data usage also unlike other players such as PayTM, Freecharge, and MobiKwik.
True Balance back in 2017
Two years back, in Aug 2017, True Balance had received an RBI License to operate its wallet service in India and started its operations in December the same year. True Balance wallet let users pay in advance for mobile bills and recharges, much like as PayTM and MobiKwik. The users can also send money through UPI service.
Recently, True Balance has partnered with Mumbai based digital micro-lending platform HappyLoans to provide the financial services also and had received undisclosed funding from ICICI Bank Ltd. for its growth plans.
According to reports, True Balance revenue is increased by 49.80% from INR 5.97 crore in FY18 to INR 8.95 crore in FY19 while the loss was stood at INR 46 crore.
Charlie Lee, founder of True Balance
Charlie Lee, founder of True Balance said “The startup will use the fresh capital to bulk up the offering on the app. Some of the features the True Balance intends to add before the end of this fiscal year include the ability to purchase bus and train tickets bookings, digital gold, and can book your cooking gas cylinders.”
He also added in a statement, True Balance is expanding its lending and eCommerce services. Its lending feature was used over 1 million times in just three months when it was introduced earlier this year. “We aim to strengthen our data and alternative credit scoring strategy to provide better financial services to our target – the next billion users in India. Our goal is to reach 100 million digital touchpoints and become one of the top fintech companies in India by 2022.”
As of now, the firm claims that it clocking 300,000 digital transactions per day with total app downloads of 70 million. Reports say that Even as more than 600 million users are online today in India, but the nation remains offline as many. In recent years, many major companies in India have started their services that appeal to users in India’s Tier 2 and Tier 3.