True Balance, operated by Balancehero India Private Limited, has got a wallet licence from the Reserve Bank of India (RBI). The wallet was issued to Balancehero on 18 July 2017 and is valid up to 30 September 2019.
The app allows users to keep track of their balance every time they make a recharge or make calls. It can also track the amount of data consumed, including on dual SIM phones along with a breakdown of the balance based on rate cutter plans, promo plans, data and call packs and main balance. Right now, the app is available for Android only.
True Balance has raised Rs 100 crore led by Softbank Ventures Korea, Mega Investment, Korea Development Bank, and Capstone Partners. The Gurgaon-based company had earlier raised an undisclosed amount of Series A funding led by Softbank Korea in March last year.
True Balance was launched in September 2014 by Korean entrepreneur Charlie (Cheolwon) Lee.
Monetization through ads
In January this year, it started monetizing via ads and recharges by enabling users to recharge their phones through a transaction screen on the app. It also sounds a notification alert if the user hits a certain data usage limit, warning them to recharge before their balance runs out. The app credits users with redeemable ‘points’ for inviting friends and family, which can be used for recharges. It also provides rewards to users when they download certain games or utility apps, which can be converted to points.
New wallet licenses in India
So far in 2017, the RBI has given 10 wallet licences. The latest entrant being Flytech Aviation Limited, which offers pilot training and aircraft maintenance based of out Hyderabad. It seems that the RBI is giving a wallet licence to unusual companies, including a company which only allows you to pay for booze.
Meanwhile, Amazon India now has a wallet license in India. The license has been given to “Amazon Online Distribution Services Private Limited”. The license was issued to Amazon on the 22nd of March 2017, and is valid till the 31st of March 2022.