Business update - February '21

Business update - February '21

Our first month of gross MRR decrease

tl;dr

Our first month of gross MRR decrease. After 3 months of break, we are starting proactive marketing again.

bonus

I get a lot of questions on - "Why is our ambition so low? Why be happy with only $1000 MRR" and "What's coming next?". So I did a Twitter thread ..

Churn Stories

Got 4 logo churns this month

  • CEO at 30+ employees recruitment startup in India --> Stopped seeing good employee engagement after three months. I think employees got bored of the Kaapi nudges
  • VP of Engineering at 1100+ employees, US based digital media company in real estate --> Leaving the company
  • COO at 120+ employee payment gateway startup for SMBs --> Our earliest customer. After 7 months, employee engagement on Kaapi went down
  • CEO at 15+ employees Indian recruitment agency --> Again early customer. Shifting back to office, hence doesn't need Kaapi. But I guess the real reason was that they also saw decreased employee engagement

KPIs

  • MRR --> $791 (- $93)
  • Active teams --> 35 (+ 5)
  • Active users --> 761 (+83)
  • Free 30 day trial to paid conversion % --> 17.1%
  • Churned paying teams this month --> 4
  • NPS --> n/a
  • Runway before we need to hit ramen profitability --> all done! We can now pay salaries for one of the founders (other is not full time yet)

Biggest wins

New feature that removes 20% of support tickets -- add custom team checkins. Was a long time coming!

What’s not working well

Many teams are showing a pattern of churning out after 5-6 months. Employees get bored of the checkins, and the manager stops seeing any value. Need to figure this out soon!

Plans for next month

  • Ability to answer questions via web
  • Ability to signup via web

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Business update - March '21

Flat revenue growth; almost the same MRR as last month

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Business update - February '21

Our first month of gross MRR decrease

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Business update - January '21

We are ramen profitable now!

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