Balancehero India Pvt. Ltd, which operates financial technology firm True Balance, has raised $28 million (about Rs 208 crore) in a Series D round of funding.
The Gurugram-based subsidiary of Balancehero Co. Ltd Korea raised this capital from SoftBank Ventures Asia and South Korea-based investment firms Naver, BonAngels, Daesung Private Equity and Shinhan Capital.
True Balance said in a statement it will use this capital to accelerate its India expansion plans, enhancing its technological infrastructure and preparing for growth.
“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,” founder Cheolwon ‘Charlie’ Lee said.
True Balance said the fundraise will also help it achieve its goal of breaking even and reaching profitability by the second quarter of next year.
This Series D round comes a little over a year after True Balance raised $23 million in its Series C round of funding from investors including NH Investment & Securities, IMM Investments, D3 Jubilee Partners and Shinhan Capital.
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.
The company originally operated an app focussed on balance checking. Earlier this year, it pivoted its business model to providing a strong focus on full-stack financial services to low-income population segments, including the disbursal of small loans.
It claims to have disbursed over Rs 160 crore across the country. Ticket sizes for these small loans range between Rs 1,000-Rs 15,000, with the company saying its loan book has grown by over eight times since January.