Hotline: 1800 102 2007
X
Search Business Opportunities
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.

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.

Comment
image
Related opportunities
  • Quick Service Restaurants
    About Us: 95 Pasta &Pizza, striving to create a brand with..
    Locations looking for expansion Maharashtra
    Establishment year 2012
    Franchising Launch Date 2015
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Pune Maharashtra
  • Bike Reselling
    About Us: Introducing your very own Pre-owned two-wheeler destination. Now get rid..
    Locations looking for expansion Delhi
    Establishment year 2015
    Franchising Launch Date 2018
    Investment size Rs. 5lac - 10lac
    Space required 800
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Express Food Joints / Drive Through
    About Us: Situated along the NH 58 near Khatauli, Uttar Pradesh,..
    Locations looking for expansion Delhi
    Establishment year 1950
    Franchising Launch Date 2018
    Investment size Rs. 2 Cr. - 5 Cr
    Space required 8000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Manufacturing & Ancillary
    About:   Wintex is a leading brand in tissue paper products which..
    Locations looking for expansion Delhi
    Establishment year 1982
    Franchising Launch Date 2018
    Investment size Rs. 1 Cr. - 2 Cr
    Space required 7000
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities