India’s Journey of Hylobiz — Part One
The article talks about How Hylobiz as an idea evolved in just few months, the thought process involved in shaping the product, the feedback from the industry leaders to improve and make the right-fit for the SME’s. This is Part one that covers the inception, identifying the pain points and market space. Part two would talk about crafting the product experience and value driven growth.
Hylobiz is just a year old and if we look at the number of transactions and invoices from August 2019 we started with 70 transactions and by March 2020 we had processed ~12000 transactions in India of value worth 20 crores. Onboarding of SME’s has been growing with ~35 distributors opening the access to approx. 2500 SME’s at their next level, using Hylobiz. From a GTM perspective, Hylobiz chose to go for direct acquisition for the first few hundred distributors, each of them in turn provide access to +/- 200 sub-distributors/dealers (SMEs) at the next level. Hence the receivables digitisation with a top-down acquisition strategy helped Hylobiz to keep the cost of customer acquisition marginal in this challenging segment.
So, what has Hylobiz done to stack the odds so monumentally in the favor of growth? We’ll look at what we did early on to set the stage for success, including:
· Defining market space and identifying customer’s pain points
· Nailing the product experience by focusing on doing a few things exceptionally well
· A big NO to freemium model that has helped us in offering “Value-driven solution”
Read the blog originally published here https://hylo.biz/indias-journey-of-hylobiz-part-one/