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True Balance &Shopclues Come Together To Bring E-Commerce To 1 Billion Unbanked Indians

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MUMBAI: 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 Balanceusers, unparalleled access to ShopClues’ products across categories such as fashion, electronic, home & furnishing, accessories and kitchen. ShopClues will offer the unbanked True Balance users access to more than 8mn SKUs ranging from INR 50 - INR 10,000 across categories such as fashion, electronic, home & furnishing, accessories and kitchen. True Balance users who do not have debit and credit cards to make payments for their purchases on ShopClues can now do so through the app on their phones. 

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”, Mr. 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.

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