Balance Hero Proves K-startup Success Model in India

Korean fintech company Balancehero, which has successfully established itself in the Indian market, presented a success model for K-startups, drawing the attention of the Ministry of SMEs and Startups (MSS) delegation. The MSS delegation visited Balancehero's local office in Gurugram, India, on the 2nd (local time) and directly listened to the company's know-how for penetrating the Indian market and its actual success stories. In particular, Cho Kyung-won, Director General for Startup Policy at MSS, met with Suparno Basak, COO (Chief Operating Officer) of Balancehero, and had in-depth discussions, hearing vivid voices from the field. This visit took place ahead of 'Startup Mahakumbh 2025,' a large-scale startup event to be held in New Delhi from the 3rd to the 5th, and the MSS dispatched a delegation consisting of 11 companies to support Korean startups' entry into the Indian market. Under the vision of 'Finance For All,' Balancehero is an innovative digital financial company that utilizes an AI-based Alternative Credit Scoring (ACS) system to provide microcredit services to approximately one billion low-to-mid credit individuals in India. CEO Lee Chul-won launched the 'True Balance' app in 2016, entering the market with a prepaid telecom top-up service, and secured tens of millions of subscribers, effectively commencing its business. Subsequently, from 2019, it expanded its business to microcredit for low-to-mid credit individuals through its self-developed ACS, and from 2023, it has been solidifying its position as a financial platform by evolving into an AI microfinance platform. It has achieved an average annual revenue growth rate of 100% over the past five years and recorded explosive growth, including an annual revenue of 144.2 billion won last year. The delegation was deeply impressed by Balancehero's success strategies and global expansion know-how. In particular, a startup representative who participated in this visit stated, "I gained great inspiration by directly confirming the possibility for Korean startups to succeed in India's massive market." Balancehero hopes that Korean startups participating in 'Startup Mahakumbh 2025' will discover new opportunities in the Indian market and further expand the influence of K-startups and K-tech. Based on Balancehero's success story, the MSS also plans to seek practical support measures for the successful establishment of Korean startups in the Indian market in the future.