Hotline: 1800 102 2007
Hotline: 1800 102 2007
Apr, 20 2018

SoftBank-backed True Balance raises $23 mn in fresh funding

The round was led by SoftBank Ventures Korea. IMM Investment Group, Mega Investment, Korea Development Bank and Capston Partners also invested in that round.

SoftBank-backed True Balance raises $23 mn in fresh funding

The Balancehero India Pvt. Ltd operated balance-checking app True Balance has raised $23 million (Rs 150 crore) in a Series B2 funding round from a group of investors.

Line Ventures Corporation, the venture capital arm of mobile messaging firm WhatsApp’s Japanese rival Line Corp, as well as its South Korean affiliate never also participated in the round, True Balance said in a statement. South Korean lender Shinhan Bank and TS Investment were among the other investors.

According to True Balance, the round takes the total the company has raised so far to $42 million, True Balance said.

True Balance plans to use the funds to expand its team and offer new products such as utility bill payments and microloan services to its customers in India.In its Series B round last year, True Balance had raised $15 million.

The round was led by SoftBank Ventures Korea. IMM Investment Group, Mega Investment, Korea Development Bank and Capston Partners also invested in that round.

True Balance had raised its Series A funding round in March 2016 from SoftBank Ventures.

SoftBank Ventures was established in 2000 as a subsidiary of Japanese Internet and telecom conglomerate SoftBank Group Corp.

The fundraising announcement comes three months after VCCircle reported in January that the company planned to raise Rs 351 crore ($55.2 million) by issuing compulsorily convertible debentures to its Seoul-based parent Balancehero Co. Ltd Korea.

The company’s most recent filings with the Ministry of Corporate Affairs show that the startup received about Rs 45 crore in April from its parent.

sharebtn
Comment
user
email
mobile
address
star
Related opportunities
  • The Alternative Board supports business owners to take their business..
    Locations looking for expansion Haryana
    Establishment year 1990
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Furniture/Home Decor & Furnishing
    About Us: Home City Lifestyle Private Limited is a private incorporated..
    Locations looking for expansion Haryana
    Establishment year 2013
    Franchising Launch Date 2017
    Investment size Rs. 30lac - 50lac
    Space required 6000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Faridabad Haryana
  • Robotics & Technical Training
    Teaching computer science education to kids K-12 onsite at iCode..
    Locations looking for expansion Haryana
    Establishment year 2015
    Franchising Launch Date 2017
    Investment size Rs. 50lac - 1 Cr.
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Faridabad Haryana
  • Facility Management
    SANI-FORCE™ is a global service provider offering innovative solutions of..
    Locations looking for expansion Haryana
    Establishment year 2020
    Franchising Launch Date 2020
    Investment size Rs. 5lac - 10lac
    Space required 150
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Gurgaon Haryana
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities