SoftBank Ventures Korea, an affiliate of telecom and internet conglomerate SoftBank, has co-led a Rs 100m ($14.9m) series B round for Korea-based mobile wallet developer Balance Hero, the Economic Times reported yesterday.
The round was co-led by private equity and venture capital firm IMM Management and also featured fellow South Korea-based investors Korea Development Bank, Mega Investment and Capstone Partners.
Balance Hero is the developer of True Balance, an app that helps a predominantly Indian customer base check, manage and recharge their mobile call and data balances without an internet connection.
SoftBank Ventures Korea had led a series A round of undisclosed size for the company in March 2016.
Cheol-won Lee, chief executive of True Balance, said: “India is the second-biggest market for smartphone users, and with 220 million users it has even surpassed the US market in terms of active unique smartphone users.
“This data speaks volumes for the scale of the Indian market, and the opportunities it provides for any player in the mobile-connected ecosystem.”