Blance: Building India’s First Goal-Centric Recurring Deposit Marketplace App

Blance: Building India’s First Goal-Centric Recurring Deposit Marketplace App
Blance - Building India’s First Goal-Centric Recurring Deposit Marketplace App

In the ever-growing fintech industry, marked by rapid digital transformation, Blance emerges as a dynamic player. With the Indian fintech market projected to reach $2.1 trillion by 2030, Blance strategically positions itself to capitalize on this growth.

The company offers goal-centric recurring deposit solutions in India, ensuring 5x better maturity outcomes and providing users with exclusive benefits upon maturity.

In this article, explore more about the journey of Blance, its founders, revenue model, product/service, and more.

Blance - Company Highlights

Company Name Blance
Headquarters Bengaluru, Karnataka, India
Sector Fintech
Founder Ashutosh Prakash Singh, Neeraj Gupta, Pankaj Gupta
Founded 2023

Blance - About
Blance - Industry
Blance - Founders
Blance - Startup Story
Blance - Vision and Mission
Blance - Products/Services
Blance - Business and Revenue Model
Blance - Challenges
Blance - Key Tools and Software
Blance - Awards and Achievements
Blance - Competitors
Blance - Future Plans

Blance - About

Founded in January 2023, Blance is India’s one and only goal-centric recurring deposit marketplace. With the unique solution of combining traditional RDs with the goal-based needs of retail investors, RDs on Blance provide 5x better maturity outcomes than a regular RD. Blance users can save systematically towards a goal in the form of an RD, and unlock brand discounts, credit cards, loans, and insurance options on maturity.

Although the app is currently in the Beta version, it is fully operational. Blance is gearing up for a complete launch in the coming months with a mission to revolutionize the landscape of recurring retail investments in India.

Blance - Industry

In the Fintech industry, Blance targets a market size of over 90 million households earning more than INR 5 lakh yearly and spending USD 50 billion. They aim to capture a 10% market share in three years, particularly in financing high-ticket-size purchases with goal-based Recurring Deposits & other offerings.

Regarding the industry's future, Blance aims to forge partnerships with NBFCs, Banks, and other deposit-taking entities. Additionally, they are committed to assisting new-to-credit users in initiating their credit journey through secured credit cards and loans This will empower users to build their credit scores, subsequently opening doors to further credit opportunities.

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Blance - Founders

Co-Founders, Blance - Pankaj Gupta, Ashutosh Prakash Singh, Neeraj Gupta (left to right)
Blance Co-Founders - Pankaj Gupta, Ashutosh Prakash Singh, Neeraj Gupta (left to right)

Ashutosh, Neeraj, and Pankaj, co-founders of Blance, are childhood friends who hail from Lucknow, Uttar Pradesh, India, and have studied in the same school.

Ashutosh Prakash Singh

Ashutosh Prakash Singh, Co-founder and CEO, of Blance, pursued a B.Tech degree at AKTU. With over 7 years of experience in Product and growth, he is a 2-time Founder, having contributed to the success of ventures like 6Sense and Slintel.

Neeraj Gupta

Neeraj Gupta, Co-founder and COO of Blance, holds both B.Tech and M.Tech degrees from IITKGP. With a career spanning 6+ years in Fintech, he is a seasoned professional and a 1-time Founder, having played integral roles in Money View, GAIN Credit, and Zype.

Pankaj Gupta

Pankaj Gupta, Co-founder and CTO of Blance is an alumnus of IITK, holding both B.Tech and M.Tech degrees. With over 6 years of experience in Tech and data, he is a 1-time Founder who has made significant contributions to companies like Adobe, ShareChat, Udaan, and Lohum.

Blance - Startup Story

Back in 2020-21, when the coronavirus pandemic hit, Ashutosh, Neeraj, and Pankaj were brainstorming ways to create something new and amazing that could help people feel connected during this difficult time. Ashutosh came up with the idea of building a dating site, and soon that idea evolved into a small project, eventually becoming a startup. This was the first idea that the co-founders of Blance worked on together. However, they later pivoted to building a community ed-tech startup, which unfortunately did not take off.

But their journey didn't end there!

While Ashutosh, Neeraj, and Pankaj were building their first startup, Hunkaar, they realized that in order to accept payments from tier 2, 3, and beyond cities, they needed to provide a savings solution. This is where the idea of Blance came into play.

Fast forward to 2022, they began working on savings plans and schemes, which led them to develop the concept of "Save Now, Buy Later." Throughout this journey, they faced multiple attempts and failures, but they never gave up on their determination to build something that people truly wanted.

After researching the "Save Now Buy Later" idea for about 5-6 months and conducting proof of concepts, they started building Blance, and that's when it became a force to be reckoned with.

Blance - Vision and Mission

Blance's mission is all about striking the perfect balance in the financial journey, ensuring users save, take credit responsibly, and enjoy exciting rewards along the way.

Blance's vision is to become a full-stack solution for consumers in India to manage their finances and achieve their dreams.

Blance - Products/Services

Blance is recognized as India’s one & only goal-based saving & credit fintech startup. Based in Bengaluru, Blance has launched a beta program to help Indians, especially young adults, to improve their financial wellness. Blance offers discounts for planning purchases in advance, which can help consumers to save money and reach their financial goals. To avail of these discounts, the user has to download the Blance app from the Google Play Store.

Blance is building to help people save for their future purchases & get up to 25% off. Blance also helps its users fast-track their goals through a credit offering. The best part is there are no commitments, users can switch brands & earn 10% fixed interest even if they cancel their goal anytime.

Blance does this by clubbing credits, rewards, and discounts along with saving with various partner brands. Blance helps users save, generate returns on their savings, partners with brands to get extra discounts so users don’t have to haggle with brands, & finally, if users want to fast-track their goal or have missed their goal, Blance helps them complete their goal by taking credit for it.

Blance has partnered with RBI Regulated NBFCs and banks & has also been recognized by Startup India. For Blance, the users' data & privacy are the supreme priority, and that is why Blance takes strict measures to make it 100% safe & secure.

Over 93% of the Indian population lacks access to credit. As a result, many rely on their hard-earned savings or informal credit to make high-value purchases. Through conversations with people across India, Blance has found that while many save diligently for their goals, they often turn to credit when they encounter budgeting challenges or haven’t reached their savings targets.

When it comes to significant purchases like bikes, cars, etc, individuals save for down payments and book vehicles at retail stores, again facing challenges such as bank account not beating inflation, securing a favorable car loan, and negotiating discounts. Achieving financial well-being requires a balance between savings, credit, and rewards. However, today we don’t get rewards for high-ticket purchases made through savings.

At Blance, the mission is to help users find the perfect balance between savings, credit, and rewards. Blance empowers its customers to achieve financial independence and personal growth. When savings are combined with credit and rewarded appropriately, they become a catalyst for financial success.

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Blance - Business and Revenue Model

Blance drives revenue in three ways:

  1. Subvention from Brand
  2. Commission percentage on Savings
  3. Commission percentage on Credit

Blance - Challenges

For any fintech, building trust with customers poses a challenge. Blance is 1000% focused on solving for trust. With a dedicated Chief Trust Officer responsible for creating trust around the brand and generating new ideas, here are some strategies the CEO, Ashutosh wrote about building trust:

Blance - Key Tools and Software

Blance utilizes a variety of key tools and software to efficiently run the startup. These include:

Blance - Awards and Achievements

Blance has received recognition from Startup India, marking a significant acknowledgment and achievement for the company.

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Blance - Competitors

Some of the top competitors of Blance are:

  • Multipl
  • Jar
  • SayF
  • Hubble

Blance - Future Plans

Blance's future plans include expanding to other Tier 1 & 2 cities in India in the next few months, with a commitment to providing comprehensive financial solutions for users across the country.


What does Blance do?

Blance offers discounts for planning purchases in advance, which can help consumers save money and reach their financial goals.

Who are the founders of Blance?

Ashutosh Prakash Singh, Neeraj Gupta, and Pankaj Gupta are the co-founders of Blance.

How does Blance generate revenue?

Blance drives revenue through subvention from brands, a commission percentage on savings, and a commission percentage on credit transactions.

How has Blance contributed to financial inclusivity?

Blance's user-centric approach has made goal-oriented saving and credit accessible, ensuring financial inclusivity for a diverse audience.

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