Looks like fb got the same idea now. http://techcrunch.com/2015/06/04/download-facebook-lite/
wrt monetization you can try adding a splash page, which the users can see they when login/log out of the app. Can connect you to some Indian app / game guys if you are interested.
Right now it works on top of Whatsapp, but we are adding other messengers shortly. Capabilities right now are translating, checking wikipedia, latest cricket scores, check indian railways pnr status and some fun stuff like jokes. We are essentially working towards the conversation + answering grey area questions category.
We stuck with facebook to keep it simple, but I agree it would be really nice to login via twitter. This is definitely on our roadmap, but I don't think we'll get to it for this time. If you have a great idea and think you can get people to vote for it (where they're on facebook), then feel free to email it to appoutloud@coshx.com and I'll try to enter it in on your behalf.