Gurugram-based Balancehero India Pvt. Ltd, which operates mobile balance-checking app True Balance, has raised $23 million (approximately Rs 163.98 crore at current exchange rates) in a Series C funding round from a clutch of investors, according to several media reports.
Investors that participated in the funding round include Korean investors NH Investment & Securities, IMM Investment, D3 Jubilee Partners, SB Partners, HB Investment and Shinhan Capital, Entrackr reported.
The round takes the total the company has raised so far to $65 million, The Economic Times reported.
Charlie Lee, founder at True Balance, said the firm will launch new products such as rail and bus tickets, an equated monthly instalment (EMI) service, digi-gold, and instant and personal cash loans by the end of the current financial year.
The company also plans to use the funds to expand its loan book, enhance its technological infrastructure, acquire talent and improve its marketing efforts, Lee said.
The latest round of fundraising comes after the True Balance raised $23 million (around Rs 150 crore) in a Series B2 funding round in April last year. Investors that participated in that round included Line Ventures Corporation, Naver, TS Investment and Shinhan.
VCCircle has reached out to investors on the reported fundraising and will update this story accordingly.
True Balance was founded in September 2014 by Charlie Lee, who is an alumnus of the University of Chicago. The company’s India operations were launched in April 2016. Previously, the Korean entrepreneur had a stint in India when he led the country operations for internet streaming media delivery firm Real Networks in 2002.
True Balance originally started out as a mobile balance management company but has since branched out into financial services. It claims to record around three lakh digital transactions through its services daily.
It raised $15 million in its Series B funding round in 2017, and had raised Series A capital from SoftBank Ventures the year before that.