KJ Singh left $300k a year as an options trader at Wall St to move to Silicon Valley. After leading growth at Union Metrics, KJ’s founded Dil Mil - the world’s fastest-growing dating app for South Asians. Tune in to hear why some of the country’s richest people are unhappy; how KJ’s growing his business with no paid advertising; and what the future looks like for Dil Mil.
Famous Five:
Favorite Book? – Zero to One
What CEO do you follow? — Naval Ravikant
Favourite online tool? —Slack
Do you get 8 hours of sleep?—Yes
If you could let your 20 year old self know one thing, what would it be?—Don’t work on multiple projects at the same time
Time Stamped Show Notes:
01:10 – Nathan’s introduction
01:40 – Welcoming KJ to the show
02:16 – “I think some of the top traders at different firms are miserable with their life”
03:00 – “I think a lot of the hard work in the startup world is meaningful work”
03:22 – KJ left finance aged 24, earning $300k per year
03:58 – He joined Union Metrics because he was attracted to the idea behind the firm
04:30 – Moved to Silicon Valley only knowing one person
05:00 – Worked at Union Metrics for 1 year, in which time it grew from 14 to 23 people
05:40 – Left Union Metrics to create a dating app for South Asians - why?
06:00 – KJ’s sister was 28, a doctor and attractive - but had never found time to date
06:17 – 90% of South Asians date and marry within their community
06:40 – “The traditional model of arranged model has broken down”
07:18 – Raised $2.8 million altogether using two SAFE rounds
08:15 – Dil Mil makes money through a premium model. There’s a free base service; it’s possible to purchase more ‘likes’
09:40 – Average income per user is $10 per month
09:55 – Just under 1 million downloads
10:13 – Run rate of around $500k; currently making around $44k per month
10:45 – “A lot of the metrics that SaaS companies use are relevant to us - but obviously, when we’re successful people leave.”
11:50 – Not using any paid advertising at the moment - growing through referrals
12:40 – Revenue goal for 2016 is $1 million
13:15 – Average customer stays for around 3 months, giving a $40 lifetime value
14:20 – “The point where you have revenue without investors is a great position to be in”
14:50 – Connect with KJ on Twitter
16:44 – The Famous Five
3 Key Points:
Find a niche market with a need you can meet.
Generate revenue. So many startups run a fundraising round with nothing but a great idea - then find they just can’t monetise.
Focus on one thing at a time. Don’t try to work on every great idea at once.
Resources Mentioned:
Freshbooks - The site Nathan uses to manage his invoices and accounts.
Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.
Show Notes provided by Mallard Creatives