Non-Banking Financial Company True Balance raises $30 million in debt funding
- ByTejika Bajaj | November 24, 2021
The Non-Banking Financial Company and RBI-authorized lending company True Balance announced that it has raised $30 million in a debt round of funding led by investors like Northern Arc and Shine Star. With this, the total debt raised by the company stood at $55 million.
The funding round saw participation from a mix of new and existing investors including Northern Arc, Arthmate, Shine Star, E Clear, Hinduja and other Korean investors.
Talking about the mission of the NBFC, the Chief Financial Officer of True Balance, Vishal Bhatia said, “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 fulfil the credit needs of many Indian users. 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. The fintech company has clocked a disbursement of Rs.600 crore in loans and has close to 10 million transactions on its platform per month. The company has reported 30-50% month-on-month growth and aims to break even by the end of the year.
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