True Balance gets RBI nod for its wallet service in India

Gurugram-based mobile management services startup True Balance gets RBI licence to operate its wallet service in India. The utility app developed by Balance Hero, is the latest addition to wallet bandwagon in India.

Launched in 2014 by Korean entrepreneur Cheol-won (Charlie) Lee, True Balance allows Android app users to check their mobile call and data balances, without the need for internet connectivity. It provides consumers with real time information on the best plans and offers from telecom operators, and helps them earn and recharge their prepaid mobile accounts. The report was first published in Medianama

One of the largest downloaded app in India, True Balance is backed by Softbank Ventures Korea. It had raised Rs.100 crore in Series B round and an undisclosed amount in series A round from the Korean arm of Japanese Internet conglomerate SoftBank Group Corp.

Unlike other recharge options, such as Paytm, Freecharge and MobiKwik, it focuses primarily on mobile balance management, and has evolved in ways that Indian people can manage communication and data more conveniently at lower costs.

The mobile app claims to have passed 30 million downloads in just 24 months of launch, targeting 100 million by the end of this year. It will now join the league of major players like Amazon, messenger app Hike, Whatsapp and others, who are in talks to launch their wallet service.

In India, which is one of the biggest market for smartphone users, there is a huge opportunity for wallet-based app to grow and monetise.

Other apps in this segment, includes Smartapp, BillBachao, and Mubble use analytics in the backend and help consumers track various metrics of usage and save on bills, while it will be facing a tough competition from already established players like Airtel money, Jio money, Ola money, Oxigen, to name a few.

True Balance: Website