True Balance books Rs 430 Cr revenue in FY23, profit rises 17X

SoftBank-backed digital payments and lending firm True Balance has continued its growth story with a 76.6% rise in collection and a stupendous 17X surge in profit during the fiscal year ending March 2023. Their revenue from operations grew to Rs 431 crore in FY23 from Rs 244 crore, according to the firm’s consolidated annual financial statements sourced from the Registrar of Companies.

Launched in 2014 by Korean entrepreneur Cheol-won (Charlie) Lee, True Balance is largely a cash loan financing app which offers loans up to Rs 1,00,000 with its registered NBFC True Credits Pvt Ltd. Interest income made up 44.3% of True Balance’s collection and grew 25.7% to Rs 191 crore in FY23. The Gurugram-based company charges 10-15% processing fees on the cash loan disbursement and this income soared 2.48X to Rs 124 crore.