This third round of investment has come from the mix of new and existing investors namely, Northern Arc, Arthmate, Shine Star, E clear and Hinduja, and other Korean investors to support the company’s growth in India, it added.
“Our resolve to make finance available for all, gets strengthened with each round of debt fund we raise. The pandemic has brought out the major gap which highlights how the traditional banking system has not been able to fulfill the credit needs of many Indian users,” True Balance Chief Financial Officer Vishal Bhatia said.
He added that True Balance aims to be the one-stop-solution and financial partner for the new to credit users.
True Balance India is the wholly-owned subsidiary of Balancehero Co Ltd, Korea which runs and operates the lending platform – ‘True Balance’. The fintech company has disbursed loans over Rs 600 crore in this calendar year through its licensed NBFC subsidiary – True Credits.
True Balance sees over 10 lakh transactions per month on its platform for various financial services, Loan being the primary contributor.
The company’s loan book has grown at 2,500% in calendar year 2021 for small ticket size products – the key product focused towards new-to-credit users, Level Up Loan. The company intends to cater to customers within the monthly income bracket of Rs 10,000 to Rs 40,000.
True Balance disburses about 7,000 loans a day, with ticket sizes starting as low as Rs 1,000 and going up to Rs 50,000. The company, which is logging 30-50% month-on-month growth, aims to achieve break-even before the end of this financial year.
True Balance has previously raised series D funding of $28 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and other global investors last year, taking total equity funding to $85 million.
