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True Balance, ShopClues bring ecom to 1bn unbanked Indians

Mar '20
Pic: Balancehero
Pic: Balancehero
Balance Hero, that operates True Balance and True Credits, has announced its association with ShopClues by signing an MOU for an exclusive partnership based on which True Balance would like to bring to its users an expanded product line via e-commerce, clubbed with EMI options payable across 3-6 months having monthly interest of upto 6 per cent.

ShopClues will offer the unbanked True Balance users in tier II/III/IV cities and beyond, access to more than 8 million SKUs ranging from ₹50-₹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.

“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,” said Victor Choi, CEO Balancehero, India.

“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 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 per cent, the company’s revenue is projected to grow by 10 times this year as compared to previous year.

True Balance India is the wholly owned subsidiary of Balancehero Co Ltd, Korea which runs and operates mobile App 'True Balance'. Balancehero is a start-up founded in Korea in 2014 by Cheolwon Charlie Lee who successfully led ‘Wider Than’ and ‘Access Mobile’ in the past. The company launched its mobile application 'True Balance' in 2014 with Lee as CEO, an alumnus of the University of Chicago.

In 2016, the app was officially launched in India to help users to efficiently manage their phone call & data usage. In low-bandwidth countries such as India, the company is committed to create a world where users can communicate freely with each other at a reasonable cost. ‘True Balance’ provides easy and fast balance check and recharge option for single and dual sim card mobile users without interlocking through telecom carriers.

While True Balance started off as a balance check, recharge and utility bill payment application, the brand evolved its model to move into financial services for that section of economy who need money for living. The brand’s financial product ‘True Pay Later’ credit service received phenomenal response from the customers with 1 million transactions in just three months. Recharge Loans is an additional service from the brand to continue its effort to enable users to fulfil their daily requirements without the pressure of paying the amount in one go.

Founded in 2011 and headquartered in Gurugram, ShopClues is the preferred e-commerce destination for Real India - Buyers and Sellers in tier 2, 3 & 4 cities and beyond. With over 60 million lifetime unique customers and 7,00,000+ merchants, ShopClues has taken local brands to a national platform servicing more than 31,500 pin codes across India. ShopClues also operates Smartship and Momoe as enterprise services and Ezonow as a social commerce platform. ShopClues announced a merger with Qoo10 in 2019.

Fibre2Fashion News Desk (PC)

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