SoftBank unit invests in mobile-balance checking app

SoftBank Ventures Korea has invested an undisclosed amount in India-based True Balance, an app that helps keep track of the balance available on prepaid mobile accounts.
The funds from SoftBank Ventures Korea will help True Balance accelerate its expansion plans along side enhancing its product advantage, it said in a statement.
This investment comes as part of True Balance's Series A funding followed by last year's seed funding from Korean VC, Bon Angels partners and Mega Investment, it added.
Launched in September 2014 by entrepreneur Charlie (Cheolwon) Lee, True Balance provides quicker and more intuitive balance check, call log, data pack assessment, and recharge service for prepaid Android smartphone users.

With its capability to use Big Data to give real-time information on best plans and offers, the app also helps earn and recharge balance.
"Our journey to be a 'must have application for all 200 million smartphone users in India' has just begun. With SoftBank Ventures Korea team's commitment to the rising Indian startup, we are more than confident to provide simple and hassle free balance managing service to all Indian users," Lee said.

True Balance app is the first step towards the vision, which has been developed for prepaid users who relatively pay more for using data networks, he added.

"This year our focus will be to continue providing the market with the best of our products. We have already crossed the 2 million downloads mark this March and looking to achieve a new milestone of 10 million downloads in the next 9 months," he said.
Established in year 2000 as a subsidiary of SoftBank Group, SoftBank Ventures Korea has been investing in various digital technology based companies along with its major communications business.