Hi all smart folks out there, I have been wondering for so long as to why did Indmoney's growth stagnate? They were the first one to launch a comprehensive financial tool and had a freemium model for Advisory.
What all have been the reasons? And if you used to be a user of the app, what made you stop using it?
I ran one of the very few regulated/licensed apps in India. (<20). India is a very weird market. I tried to do multiple things at one point and failed and pivoted and succeeded, and that is happening with most apps. Take CRED or Indmoney or others. If we don't do many things we can't get a good topline. And if we do top few or focus on one, it doesn't justify our valuation as market becomes small.
There can be good "businesses" made in niches but nothing big enough to justify insane valuations. What I think we need to crack is not build ONLY for India, but have some sort of global strategy from the start, so that even if India is not monetized heavily, you are making cash from somewhere else.
To be honest IMO fintech is dying in India for fintechs who are not licensed like NBFCs, loans can't save everyone. Hoping for the best 🖖
Launching a comprehensive financial tool, and that tool being actually effective are completely different.
There is so much data available on investments online that people with small corpuses wont pay or dont need to pay for advisory. People with large corpuses/family offices wont go to an app for advisory when they have a Private Banking outfit looking at the services.
There's a market gap in between don't you think?
If there is, its very minimal. With tons of advisorors, MFDs, Bank employees, mutual funds, PMSes and everybody wanting to make money from an investor but a BARE minuscule even able to beat an index, this gap will probably be filled by Zerodha through their Index funds. They will be able to do things at scale at minimal costs and give great returns by educating people that index funds are probably all they need in financial planning.
Why to join Ind money - when there is zerodha /private brokerages?
So, zerodha is a tool to execute your trades like others. Whereas Indmoney was trying to build a financial advisor platform to manage your entire financial life which is much more than just investment.
Yeah and u wont have many folks in India who's be interested in that
INDmoney app is the equivalent of the extra-creepy stalker.
Reads more data than necessary and then tries to act cute with suggestions.
Doomed to fail with most people who understand why they need control over their data.
I used them initially but then once i linked mutual fund portfolio they started sending stupid notifications every day and ended up closing it.
Lets say you have a fund that invested in SBI and they track that information from fund house declaration. All good so far - but if SBI falls by 2% in a day they keep sending notifs saying your portfolio is at risk🤦♂️ I mean i cant just sell it. I will only know what my fund manager did at the end of the month.
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