Investors from India, Korea pumps $10 million into SoftBank backed True Balance

In an interesting move, SoftBank-backed non banking financial firm True Balance on Monday said it has raised USD 10 million (around Rs 72 crore) in debt funding from a group of investors.

The investment has come from Northern Arc and other investors from India and Korea for its lending arm, True Credits to support the company's growth, a statement said.

"This round of funding will be fortifying the collective effort by startups such as us and the government to make India a stronger economy as we move forward towards growth. We are also expecting additional funding of USD 40 million, this financial year," Vishal Bhatia, Chief Financial Officer, True Balance said.

True Balance has disbursed loans over USD 30 million this financial year alone to India''s underbanked entities.

The entity had previously raised series D funding of USD 28 million from SoftBank Ventures Asia, Line Ventures Corporation, D3 Jubilee Partners, and other global investors.