ⓘ Featured image: Charlie Lee, CEO & Founder, Balance Hero Co. Ltd
Gurugram and Korea-based mobile balance management service startup, True Balance, on Wednesday announced that the company has raised a whopping $28 million in Series D funding round led by Korea’s NH Investment & Securities, IMM Investment, HB Investment, IBK Capital, D3 Jubilee Partners, SB Partners and Shinhan Capital.
Launched by Charlie Lee in 2014, True Balance is operated under BalanceHero India Pvt. Ltd, a subsidiary of Balance Hero Co. Ltd., Korea. The company began its operations in India post-receiving license from RBI in 2017.
The company claims that it witnessed 100 percent month-on-month growth after introducing its lending feature in November 2019. But the business was affected during COVID-19 scenario. Charlie in a press statement claimed that True Balance started to recover from August onwards.
“Only August onwards the business started recovering and now has a 200-300% month on month growth rate,”
The company is aiming to utilise fresh funds to reach break-even and soon profitability. It is also working to reach more underbanked users in India.