Fintech platform True Balance, based in Gurugram, has announced it’s latest funding of $28 Million (Rs. 207 Crore) in it’s series D round. The funding round was led by SoftBank Ventures Asia and Daesung Private Equity. While Naver, Bon Angels, and Shinhan Capital were the other participants in the funding round.
True Balance is a mobile financing platform operated by Balancehero India Pvt. Ltd, a wholly-owned subsidiary of Balancehero Co Ltd. Korea.
The company is expected to use the funding for expanding its business operation in the country and increase its technological capabilities, said the company in a statement.
Till date, True Balance has raised over $90 million in a total of six funding rounds. Softbank Ventures Asia is an early and leading investor in the startup.
As per the company, in the year 2020 itself it has disbursed over Rs. 100 Crore through it’s primary loan facilities. Whereas it’s loanbook has grown to 8 folds, bearing the average ticket size of Rs. 1000 to 5000.
According to True Balance FY-19 reports, the company revenue has been increased by 49.8% from Rs 5.9 crore in FY-18 to Rs 8.95 crore in FY-19, whereas the company reported a loss of Rs 46 crore. While the company yet to file its financial report for the current financial year that ended in March.
Primarily, as a Fintech platform True Balance focuses on mobile balance management and offers products across payment, loan, commerce, insurance, and provides real-time based information on the best plans from the telecom operators.
“From the day we launched, our focus was on the Next Billion Indian users…We will continue focusing on non-online payment users, non-credit score users, people who deserve our help but need a way to get to it,”
said Cheol-won Lee (Founder & CEO of True Balance).