Korean Government Invests in India to Strengthen India's Startup Ecosystem

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Indian's StartupsK-ICT Born2Global Centre, a Korean government agency under the Ministry of Science & ICT, organized an event named ‘K-global Demo Day’ on July 10, 2018 at New Delhi, aiming to tap into the Indian startup ecosystem. The Korean government is working progressively towards building incubation centres to support both Korean and Indian startups in India, and this move showcases the strong support of the Korea Government.

“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,” says Chang Byung-Gyu, Chairman, Presidential Fourth Industrial Revolution Committee.

True Balance, India’s leading balance and data management app, was one of the first Korean companies to start operations in India. It was launched in 2014 by Charlie Lee to bring-in seamless mobile bill recharges. The app covers bill management and payment of prepaid (10 networks across 22 circles) and Postpaid (Idea, Airtel and Vodafone) services in India, and has recorded over 50 million downloads so far.

Speaking on the occasion, Cheol-won (Charlie Lee), CEO, True Balance, says, “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”.

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