Founded on 17 July 2014 by Cheolwon (Charlie) Lee and launched on 25th September, 2014, True Balance is a prepaid mobile phone balance manager for android users, developed and maintained by Balance Hero. With a vision of transforming the prepaid mobile management landscape, True Balance, a free of charge mobile app, claims to provide 10 times quicker and more intuitive balance check and recharge service with one-touch, fully loaded experience of all aspects associated with prepaid balance and data consumption.
The Delhi-based company is focused on providing accurate balance information in real time. “We are constantly working towards ensuring 100% accuracy levels of balance information for our customer. While the market may be witnessing a competitive landscape, we believe our user base and ability to ‘Listening’ to the user needs and adapting is what differentiates us,” said founder.
He added that prior to launching the beta version of the app in Delhi NCR, the company conducted a research on the prepaid user requirements. On the basis of the information collected, the app came into being. “We believe customer feedback plays a very critical role in the evolution of our product. We are already in line with constant enhancement of the platform”, said Charlie.
Key Problems Addressed by the Company
Indian prepaid mobile users have very limited options to check and track their mobile balance. On an average 2 to 3 USSD codes are sent by the subscriber to check their mobile balance. Every time they have to dial those USSD codes manually and which is time consuming. Also, sometimes mobile operators auto deduct mobile balances, and users have no clue behind those deductions. Having identified these issues, the company came up with a one touch solution to check and track mobile balances.
It works offline and compatible for both single and dual sim mobile handsets.
Key Features of the App
- One touch call, & data balance check
- Auto balance update after every call/data/sms sessions and purchase
- Call & data deduction history
Traction Details and Future Plans
True Balance just crossed 1 million downloads with more than 45% active users. The app is rated 4.3 on Google Play. Currently, it is live in five cities – Delhi NCR, Mumbai, Maharashtra, Karnataka and Haryana. It is planning to expand its service across India within a month.
The company does not have a specific plan for monetization yet. The primary goal, it has set for this year is expanding its user base to more than 10 million.
Players like Smart Bro, Mubble and Prepaid bill & Mobile balance are competing in the same segment.
True Balance raised around $1 million from two accelerators in South Korea in 2015. The company is currently finalizing series A round of funding.
“India has 1,009.46 million mobile subscriber (TRAI’s Jan 2016 press release ) and almost 95% subscribers are prepaid. This number is massive and critical for our business given our service is for prepaid mobile subscribers. Given there is no requirement of internet for more than 95% of our features, the app is ideal for smaller towns with low Internet connectivity and penetration,” stated Charlie.
Quoting Lei Jun, Xiaomi’s Founder, Charlie said, “Even a pig can fly if it can find a place in the eye of a storm.” He added, “India smartphone market has the brightest future ever. Its growth is explosive. More people will start to use Smartphone for the first time in their life this year. We’re fully prepared. We’ll grow together with amazingly explosive Indian smartphone users”.