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YC > Amanda's Flashcards > Flashcards

Amanda's Flashcards

1
Q

How long can you go without funding

A

Our current burn is around 3k per month.
We have runway for 15 months at this level.
We plan to be cashflow positive in Q2 latest.

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2
Q

What is your burn rate?

A
  • about 3000 per month
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3
Q

Have you raised funding?

A
  • we have raised total 1.6M from a local singapore family-office and angels
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4
Q

How many users have ever engaged

A

17k users from 5400 companies have placed at least 1 order

company repeat purchase rate - 45%
user repeat purchase rate - 26%

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5
Q

How many currently active users

A

precovid: around 500 monthly active companies

recent months: 120 monthly active companies

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6
Q

Total revenue

A

2019 revenue 1.3M

Revenue:
2016 - 200k
2017 - 550k
2018 - 900k
2019 - 1.3M
2020 - 650k

Lifetime: 15m gmv

2016 - 0.9M
2017 - 2.7M
2018 - 4.2M
2019 -  6.2M
2020 - estimate 2.2M, we were previously projecting 13M
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7
Q

So revenue dipped, what do you expect it to be next year?

A

2021 expected: 7M gmv, 1.5m rev

we expect our sales to normalize around june

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8
Q

Total costs, fixed and marginal

A

end of 2019: fixed costs 120k, variable costs $27k

recent months: fixed costs 40k, variable costs $10k

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9
Q

Acquisition funnel conversion rate

A

pre-covid we had 30-40k visitors per month and 40-50k monthly sessions, and we converted 2.7% of sessions to transactions

30% of sessions have menu item views, 7.5% have add to cart, 2.7% transactions

conversion rate by channel
overall 2.7%
organic - 1.8%
direct - 2.8%
ads - 4-9%
referral - 4%
email - 5%
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10
Q

Customer acquisition cost

A

Avg blended is $5. In 2019 we spent $1200 on marketing activities per month and acquired more than 200 new users per month.

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11
Q

AOV

A

$300

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12
Q

Gross margin per order

A

$50 (17%)

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13
Q

Commission rate

A

Effective average is 20%

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14
Q

What is your growth like?

A

precovid we were growing 60% yoy in 2018 and 2019

this year sales were dropping from feb to april, recovering to 30% in nov

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15
Q

What’s the conversion rate?

A

website conversion (session to transaction) - this year 1%, 2019 2.7%

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16
Q

What is your user growth rate?

A

precovid, 2019

the number of new users we acquired each month was flat

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17
Q

retention rate

A

GMV retention - 20% monthly, 35% quarterly

User retention - 10% monthly, 13% quarterly

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18
Q

LTV

A

current 3y LTV is $4400 gmv ($750 gross profit)

estimated 5y LTV is $7500 gmv ($1300 gross profit)

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19
Q

What has your MoM growth in the past 6 months?

A

25%

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20
Q

What do you expect this MoM growth rate to be in the next 3-6 months?

A

In q1 we believe we can grow 30-40% MoM with our new services and with recovery of our food sales

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21
Q

How big an opportunity is there?

A

market is huge:

  • $2B in each target city, $24B in APAC, $100B globally
  • Every company can use our platform
  • companies have huge monthly budgets for these products, estimate on average$5000+

take rate
- we’re able to take a high commission on every order and our processing costs are very low

opp really attractive both in market size and business model

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22
Q

How many $B is the market?

A
  • we’ve calculated APAC to be $24B, extrapolating globally, 100B
  • calculated based on our own qualification data of 2000 companies for catering & pantry, estimated for other services
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23
Q

How many people are in your target market?

A
  • any company could be a customer for 1 or many
  • our target market is top tier business cities
  • each would have at least target 50,000 companies - 2k+ large corporations, 50k+ SMEs (excluding micro enterprises)
  • our best companies will be medium and large companies who have a high budgets for their workplace
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24
Q

How fast is the market growing?

A
  • global b2b ecommmerce is exploding now, estimated to grow 11-18% cagr over the next several years, reaching 24 trillion
    other trends:
  • millennials, covid,
  • office culture / employee perks,
  • covid - negative impact now but positive in terms of companies needing new solutions and products if they adopt hybrid or remote working
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25
Q

What are some trends in your target market, and related markets?

A
  • online ordering penetration
  • millennials in the workplace with different preferences
  • covid / future of work
  • office culture / employee perks - more US tech companies setting up in other markets and redefining what a good work place looks like
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26
Q

How does your product work in more detail?

A

marketplace

  • Companies can order food, pantry items, gifts, book activities for the office or remote teams
  • lot of business-friendly features to help with ordering, like RFQ, group ordering, recurring orders, 1 click reordering.

Also have enterprise features to let companies centrally manage their caterspot account and a tool to share with employees so teams can also engage easily with the workplace initiatives

27
Q

What has surprised you about user behaviour?

A
  • surprised some users still want to call / go direct to a vendor rather than checkout in 2 clicks
  • too comfortable/lazy - too lazy to switch and end up sticking to recurring boring vendors
28
Q

What have you learned so far from working on your product?

A
  • more complexity ordering for groups / business

- b2b procurement complexity

29
Q

What is the next step with the product evolution?

A

we’ll be busy for the next 1-2 years working on:

1) new workplace verticals
2) enterprise features and tools
3) Operational Scalability

30
Q

What part of this are you going to build first?

A
  • we have the platform for catering & pantry
  • we’re currently working on setting it up for more product types (ready in January)
  • next we’ll focus on the corporate account
  • then the employee app
31
Q

Who is going to be your first paying customer / who was your first paying customer?

A

our first paying customer was a woman in hong kong organizing an HEC alumni dinner party

32
Q

What is your distribution strategy?

How will users find out about you?

A
  • current: organic search/seo, retargeting, limited b2b sales upselling our platform customers
  • next plans - activities to more specifically reach our end users/decision makers:
    lead gen & outbound, performance marketing, strategic partnerships, conferences/events, procurement deals
33
Q

How are you meeting customers

A

Most customers find us online

We have also met many in person through b2b sales meetings

34
Q

How do you get users?

A

We currently acquire users via organic search (we’ve focused on SEO), word of mouth and some B2B sales. We spent $1200 avg on marketing per month in 2019.

35
Q

How much does customer acquisition cost?

A

Avg blended is $5. In 2019 we spent $1200 on marketing activities per month and acquired more than 200 new users per month.

36
Q

How do users know they need this?

A
  • they are already searching for these products/vendors online
  • Most of our traffic comes from search.
37
Q

What makes new users try you?

A
  • convenience, easy to use platform, lots of supply, top brand partners
38
Q

What makes new users reluctant to try you?

A
  • existing supplier they always use
  • need for a customized order,
  • missing right supply options
39
Q

How will you overcome that resistance?

A
  • we’re working on improving our menu for customizations.
  • We’re thinking of adding more incentives for first 1-2 orders to get users to try us and have same trust as they do with their existing caterer
40
Q

What’s your flywheel?

A

Pending answer

41
Q

What’s the rocket science here?

A

it’s not just a marketplace,
we understand the importance of building great enterprise features and tools for these users to make the product really sticky, ensuring high retention and capturing their full wallet

42
Q

What are the key things about your field that outsiders don’t understand?
What do you know about this space/product others don’t know?

A
  • how complicated the ordering process is for b2b vs b2c (ordering for groups)
  • importance of reliability & delivery experience (on time delivery, correct order)
  • how many “things” companies need in a product (invoice workflows, quotations for budget approval, supplier registrations, etc)

there’s definitely a learning curve :)

43
Q

What do you understand that others don’t?

A
  • the user: how they operate / their pains / needs / use cases. we’ve spoken to 2000 customers.

the attractiveness of our chosen niche in b2b marketplaces;

  • our users have high budgets with little regulation of their spending (compared to usual purchasing / procurement)
  • also contrary to usual b2b purchasing, these purchases rely on variety and ordering from many vendors
  • all the manual things our users have to do and how we can help them with tools they’ll love (labels, printing menus, collecting team orders, surveys for preferences / feedback)
44
Q

Why can’t they use foodpanda/deliveroo

A
  • food comes late / in multiple deliveries due to bike capacity
  • don’t offer a lot of food formats like platters, buffets, mini buffets, live stations,
  • missing inforamtion for ordering like dietary details, quantity inforrmation and serving size recommendation
  • missing business tools (quotations, advanced group ordering, labels etc)
45
Q

How do you envision the future of workplace?

A
  • more flexi work
  • important to have a great workplace to get employees to want to come to the office
  • new ways to keep teams engaged with hybrid remote/office working
  • we dont think offices are going away fully, most of our biggest customers miss the office and want to go back
46
Q

Most companies in Silicon Valley are working from home? Why are you doing stuff workplace related?

A
  • wfh definitely meant that things like food and pantry were not in demand
  • other areas we want to develop are covid-friendly ex. activities can be virtual activities, corporate gifts are booming since there is no birthday/work anniversary celebraitons in the office
  • timing could be great as companies are scrambling to find solutions to engage their teams in this new type of workplace
47
Q

What moves did you make when the pandemic hit?

A

Sales

  • remote catering / care packages
  • donations
  • home delivery meal plan
  • corporate wfh meal plans
  • looked into treat card
  • virtual experiences
  • pantry marketplace
  • covid-safe virtual food court

Costs

  • wage cuts
  • retrench
  • cut subscriptions / server costs / staff expenses
  • cut offices

Strategic

  • fundraising
  • roll up
  • M&A talks
48
Q

How do we expand?

A

we’re working on making our operations lean & automated and building great regional team so we can expand to cities easily and quickly

  • regional team: product, marketing, operations
  • city teams: vendor partnerships, account managers, local marketing, orders fulfilled by vendor and local logistics partners
49
Q

How do we launch new cities?

A

main steps to launch

  • vendors: 2-3 months of vendor acquisition & automated vendor onboarding
  • logistics: vendor delivery or hybrid with logistics partner
  • local marketing: SEO, hire local marketing person to work with regional team,use playbooks from other markets
  • operations, marketing, product are done regionally
50
Q

Who needs what you’re making?

A

The workplace teams: office managers, admins, hr teams, workplace managers and facility managers

51
Q

What’s new about what you make? Why is your product different?

A
  • no other b2b platforms that allow companies to manage these different areas of their workplace under the same roof.
  • no one is focusing on building something for these specific users
52
Q

What are the top things users want?

A
  • lots of choice
  • easy ordering
  • reliable delivery experience
53
Q

What are your users doing now?

A

Users are left to go directly to the many vendors or use b2c platforms

54
Q

What do you understand about your users?

A

We’ve spoken with so many customers and been on the ground to really see what they go through and what they need.
We really care about their problems and we know we can build a great product that they will love to use (and that will capture their entire wallet).

55
Q

How do you know customers need what you’re making?

A

We’ve spoken with 2,000 of our customers to understand what they need & to quantify their company spending. We have a very clear idea of the opportunity, the use cases, the value proposition, and product roadmap.

56
Q

How much time and money do users in your target market waste before switching to your product/service?

A

this isn’t really relevant to our business

57
Q

Who are your competitors? Who might become competitors?

A

There isn’t a company doing what we’re doing

We have competition from:
B2B food platforms
Thriver - a workplace culture app
B2C superapps that may expand their offering to B2B
B2C platforms in each of our areas (food, grocery, activities, gifts)

58
Q

Which competition do you fear most?

A
  • super apps - sheer scale of user base and customer loyalty

- b2b food players like us who can follow and beat us to market before we can expand

59
Q

How many users do your competitors have?

A

We couldn’t really find another company doing what we’re doing

looking at B2B food space

  • biggest player is EZCater est. $100m revenue pre-covid.
  • In our region, our closest competitor in B2B food is Rocket Internet’s EatFirst in Australia with $3m in revenue.
60
Q

How much are your competitors making?

A

We couldn’t really find another company doing what we’re doing

looking at B2B food space

  • biggest player is EZCater est. $100m revenue pre-covid.
  • In our region, our closest competitor in B2B food is Rocket Internet’s EatFirst in Australia with $3m in revenue.
61
Q

How will you make money?

A

we charge commissions to vendors for every order

62
Q

How much money could you make per year?

A
  • 1b gmv, 200M in revenue being in just 20 cities

- we think we can do more than 20 cities, but this example shows the feasibility & potential

63
Q

How does this become a billion-dollar company?

A
  • 2000 monthly active companies, spending $2,000 per month
  • in 20 cities
  • 1B in annual gmv
64
Q

If your startup succeeds, what additional areas might you be able to expand into?

A
  • further into b2b ecommmerce
  • office culture / workplace experience tools
  • employee perks

YC (3 decks)

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