In Episode #307 Nathan interviews KJ Singh. He 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.
- Favorite Book? – Zero to One
- What CEO do you follow? — Naval Ravikant
- Favorite 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.
- Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
- Freshbooks – The site Nathan uses to manage his invoices and accounts.
- 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