Beyond MVP: The Exciting Road to Revenue!

The Article is Not a Guideline or a Reference you need to follow to build your early revenue traction.

as of date 31st December 2023 kPaisa has 52,782 users who are actively using the kPaisa App.

This Article Consolidates all our learning from the past 2 years which we spent on building kPaisa chronicling the highs and lows, numerous pivots, user feedback loops, and the unique challenges we faced. It’s a blend of our dedication, sleepless nights, and the profound learning that came from understanding and addressing user needs. If our experiences and mistakes can teach you something, it might help you save valuable time! We’ve learned a lot while building kPaisa, and we hope sharing our journey can make your path a bit smoother

Things that worked for us

- Refining the MVP

Integrating User Feedback

After the beta launch of our MVP, the most exciting phase unfolded: the interaction with our users. Their feedback, raw and unfiltered, became the guiding light for our next steps, along with our exhaustive research. It was not just about fixing bugs in the App but understanding the complexity of their needs, refining features, and strengthening the overall user experience.

Data-Driven Decision Making

We used to often hear that numbers speak, and we had a firsthand experience of this during the beta testing of the app. We immersed ourselves in analytics, dissecting user behaviour and product metrics. However, it was a small exercise for us, given that we had a limited 1000 beta users on the app. This analytical approach wasn’t just about charts and graphs; it was about understanding the cream, the most-used feature, or the most loved aspect of our product and making decisions based on real-world insights.

- Monetization Strategies

Value-Added Features

Our journey wasn’t just about fixing what was broken; it was about elevating the experience. We identified areas where we could add value, crafting premium features that spoke directly to our users’ desires. This wasn’t just about revenue; it was about delivering more than what was expected.

For example- we provide users with a premium AI-powered expense management tool within the App, allowing them to keep track of their finances, It seamlessly integrates within your system and calculates all your expenses that you have spent throughout the M/D/Y to help you make informed decisions.

Alternative Revenue Paths

As a user-centric Mobile app, our primary focus is on providing a valuable and hassle-free service to our users. While we don’t charge users directly, we explore alternative revenue paths, such as strategic partnerships, sponsored content, or premium partnerships with brands, which creates a WIN-WIN-WIN for all of Us, Users and Brands. These approaches allow us to sustain our business and create more exciting features for our users.

User Acquisition and Retention

Almost Rs 0 CAC

Yes, you read that right we have almost Rs 0 CAC (Customer Acquisition cost) being a Bootstrapped company we don't have the budget to spend heavy bucks on Marketing so we decided to have our very own strategy to Acquire users.

Example-

1. we use to talk about our App when we use to Commute in Public transport

2. Giving exclusive rewards to our users who referred friends/family onto our application

3. Utilizing our connections with family and friends to actively promote our application.

4. Brand rewards and offers with our partners to the new users coming to the App

5. We also associated ourselves with some big brands to gain trust and acquire some more customers.

As we move forward, we are establishing a clear framework to manage our marketing expenses efficiently and attract more users, ensuring significant benefits for them. Additionally, we are committed to minimizing costs to boost revenue, thus ensuring the sustainability of our company. We have a strategic plan in place to keep us on the right path.

Retention as a Revenue Driver

Keeping our users happy wasn’t just about being friendly; it was a smart move. Offering loyalty perks, special features, and quick support wasn’t just extra stuff; it was like making long-lasting friendships. And you know what? Our users liked it so much that they kept coming back to use our app again and again. It showed us that what we’re doing matters to them.

Challenges and Adaptations

Compliance and Licensing

Navigating through compliance and licensing was quite a task. Making a FinTech app requires getting the right licenses, and that took a lot of time and effort. Being licensed is super important for any FinTech app to do its job properly. Thanks to the new Startup India system, agencies and banks are now more supportive, making things a bit easier. Having licenses builds trust with users, and when the government recognizes your work, it adds a lot of credibility. This trust helps users make informed decisions, and it’s a big deal for us.

Scammers and Security

As our app grew, we spotted about 10–15 suspicious accounts. We checked them out, banned the troublemakers, and even when some tried to copy our app and mess with it, they couldn’t. It’s all because we’re serious about keeping our users safe. Think about it: if we weren’t here doing our thing, things could’ve gone a whole different way. We’re here to make sure our users feel secure and protected in the digital world.

We’ve got an automated security system in place. If it spots anything unusual, it checks out the account automatically and makes decisions on the spot. Building this took us some time, but it’s pretty cool for anyone using the app. It adds an extra layer of protection, and we think it’s worth it to keep our users safe and impressed.

Conclusion

Reflecting on the journey of kPaisa, this article unfolds like a storybook, weaving together the highs, lows, and countless lessons learned. With a user base of 52,782 by December 31, 2023, each step has been a stride forward. This isn’t a strict rulebook; it’s more about sharing the adventures we’ve had in building kPaisa. We encountered hurdles, absorbed insights, and discovered inventive ways to grow. We hope that this story not only inspires but also serves as a friendly guide for those embarking on their entrepreneurial journey — from the early days to the path of growth. This is not the end of the tale; there’s more to come as we continue building and growing together!

P.S.- would like to Thank All my Family members, Friends, Relatives and most Importantly our Dear Users who gave us unwavering Support and love Thank you for always being there our Dear users.