Balancehero India Appoints Jayesh Jain as Group Chief Financial Officer

➢ Industry veteran in finance- Jayesh Jain, brings extensive expertise cultivated through his years of experience with leading financial institutions.

Gurugram, Sept. 15th, 2023 – Balancehero India, the driving force behind one of India’s leading digital lending apps, TrueBalance, appoints Jayesh Jain as its Group Chief Financial Officer (CFO). Prior to joining Balancehero, Jayesh Jain served as the Chief Financial Officer at Hero FinCorp and PNB Housing and was a key leader at Gruh Finance, bringing more than two decades of exceptional financial leadership experience to the Balancehero India team.

His extensive background in the financial sector includes significant accomplishments, such as leading the Initial Public Offering (IPO) of PNB Housing Finance that raised Rs. 3,000 crore and capital worth Rs. 4,000 crore for Hero FinCorp. In his new role as Group CFO at Balancehero, Jayesh Jain will be responsible for enhancing the company’s growth trajectory.

Regarding the appointment, Souparno Bagchi, Group Chief Operating Officer (COO) at Balancehero, expressed his enthusiasm, stating, “We are truly delighted to welcome Jayesh as the Group CFO of Balancehero. We eagerly look forward to an exciting and mutually rewarding journey with him as we continue our mission of ‘Finance for All.’ Together, our commitment remains steadfast in making financial inclusion a reality for all.”

Jayesh Jain, the recently appointed Group Chief Financial Officer (CFO) of Balancehero, stated, “I am delighted to become a part of the Balancehero team. I look forward to contributing to the company’s extraordinary vision of delivering cutting-edge innovative financial solutions to its target group. It’s a privilege to be a part of a mission that positively influences the financial lives of the next billion population in our country and foster financial inclusion across the nation.”

Balancehero India, a wholly-owned subsidiary of Balancehero Pvt. Ltd. Korea, has witnessed an exceptional trajectory of success in recent years. In the fiscal year 2020–23, the company achieved a remarkable surge in net earnings, recording a 17-fold increase to reach Rs. 58.8 crore. Simultaneously, its revenue from operations experienced substantial growth, climbing from Rs. 244 crore in the previous year to an impressive Rs. 431 crore during the same period. This track record has firmly established Balancehero as a leading player in the digital lending landscape across India, dedicated to serving the credit needs of underserved and unserved segments.

Founded in 2014 by Korean entrepreneur Cheol-won (Charlie) Lee, Balancehero has established itself as a non-bank finance corporation, primarily through its digital lending app, TrueBalance. The company has expanded its services to over 1 million underserved users, spanning 85% of India’s pin codes, with a daily disbursal volume of 10,000.