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True Balance, Shopclues to bring e-commerce to 1 Bn unbanked Indians

Mar 17, 2020 by The Passage Team
True Balance, Shopclues to bring e-commerce to 1 Bn unbanked Indians

Indo-Korean fintech leader, Balance Hero that operates True Balance and True Credits today announced their associations with ShopClues- the online marketplace that primarily caters to buyers and merchants in Tier II/III/IV cities and beyond, by signing an MOU for an exclusive partnership based on the synergy of their respective target audience. The move is intended to bring to True Balance users, unparalleled access to ShopClues’ products across categories such as fashion, electronic, home & furnishing, accessories and kitchen. The price range for the products will be from INR 50.00 to INR 10,000.00. This exclusive partnership is projected to double True Balance’s GTV (Gross Transaction Value) contribution as well as orders on the True Balance app.

Through the partnership, True Balance would like to bring to its users an expanded product line via e-commerce, clubbed with the EMI options payable across 3 to 6 months having monthly interest of upto ~6%.

Speaking of the partnership, Mr. Victor Choi, CEO Balancehero, India said, “At True Balance, we foresee great growth in the EMI space and firmly believe that we will be able to bring ShopClues to our strong reseller community and digital lending platform. Through this partnership, we will be able to acquire more commerce products while also generating robust growth in revenue. We strongly believe that additional product segment, especially Fashion and Home & Kitchen, should help accelerate the revenue growth.”

“In this partnership, ShopClues will be handling the product portfolio and the logistics aspect whereas True Balance will be responsible for the Financial Solution”, Choi further added.

“Both True Balance and ShopClues have a similar market focus. This association is a win-win for all parties involved. While more people from rural India will be encouraged to shop online using the True Balance app, we, at ShopClues, will be able to expand our customer base. We will be able to take our products to more consumers who are currently facing difficulty in accessing the formal financial system due to time-consuming and complicated banking processes,’’ said Sanjay Sethi, CEO, ShopClues.

True Balance is a digital financial platform focusing on unbanked population bringing solution on last mile issues. Growing at a monthly rate of 30%, the company’s revenue is projected to grow by 10 times this year as compared to previous year.

The Passage Team

The Passage is committed to creating in-depth content over technology industry across Asia with a focus on emerging startups in the technology, healthcare, education, food, tech, travel & mobility segments.

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