Upsurge of Korean Investment in India led by Government of Korea to Contribute to India's Start-up Ecosystem
Korean start up True Balance among the first few start-ups to set up in India
New Delhi, July 2018: India is a potential market for start-ups and is witnessing a surge in Korean companies investing in the Indian market. Tapping on the thriving Indian start-up ecosystem, the K-ICT Born2Global Centre, a Korean government agency under the Ministry of Science & ICT contributing to the country's start-up ecosystem, organised an event, K-Global Demo Day on July 10, 2018, in the Indian capital - New Delhi.
Chang Byung-Gyu, Chairman of the Presidential Fourth Industrial revolution committee "The Korean government has substantial plans for aligning to the growth of Indian Market. We are strongly determined to help in the economic growth by investing in next gen start-ups and creating job opportunities". The Korean government is working progressively towards building incubation centres to support both Korean and Indian start-ups in India and helping them maintain successful business. This move showcases the strong support of the Korea Government.
True Balance is one the first fintech Korean Start-up to set up business in India in 2014 and spearheading this initiative of the Korean government. Balance Hero, the Parent Company that launched True Balance was one of the first Korean start-ups to set up business in India True Balance, India's leading balance and data management app was one of the invited Korean start-ups to be a part of the K-Global Demo Day, a Korea Start-up & India Start-up Ecosystem Summit.
The Korea-India Business Forum was addressed by Suresh Prabhu, Minister, Commerce and Industry and South Korean President Moon Jae-In. It was aimed at strengthening skill-set and boosting the potential of Korean start-ups foraying in India. President Moon Jae-in expressed his intent to make India as one of the top 5 strategic countries alongside USA, Russia , China and Japan. He also expressed his commitment towards increasing support to India through the 3Pinitiative - People, Prosperity and Peace.
Cheol-won (Charlie Lee), CEO, True Balance, "True Balance is Mobile Application for the Next Billion User and we are aligned with PM Modi's vision of "Digital India". True Balance has also been able to provide realistic solutions fintech domain for Indian users along with creating job opportunities. We have huge expansion plans for India and look forward to contributing to the booming Indian start-up ecosystem." True Balance is focused on Tier II and Tier III markets helping provide financial services to ease the process of balance checking and payments of Utility services.