Hello and Namaste Everyone,
For the first time I have seen any I have focused on finance management for women and this app is known as SALT. I did not realize that there is something like this also existed in the business but it was there and I also tried their application but because I do not invest much so I never invested through this. Although the objective was very good the team was trying to educate women about finance and investment management. Maybe they believe that this is where more education and knowledge is required so that they can empower women but it is hard because in India this percentage can be quite low.
From the business point of view, I don't think it's doable because ultimately every business needs revenue and margins and a limited user base that can be a big one. Now they have announced that they are going to stop their operations and the reason why they are doing it is because the cost of customer acquisition is very high for them. Even they are not able to retain their users for different reasons and that is why they are struggling and facing a lot of challenges.
Several women widely used the application. It received a lot of love and support and was the most useful app. However, there were challenges in managing the CAC (Customer Acquisition Cost),” a source close to the development told Moneycontrol
This concept of managing the finances for women only sounds good but I think for any business that is new the idea can be very difficult to execute and make business profitable. Overall the app experience was good but I only tried it and as I already mentioned I did not use it much. Today when I was reading the news related to finance then I got to know that and it's sad to see that such companies that are trying to bring more awareness have to go through. No founder will ever feel happy when they need to shut down the business because of challenges and inability to continue it further. In India these days startup is the new culture where many new businesses start on different ideas and they expect some funding from the investors to grow the businesses.
According to one of the Surveys which was published 90% of startups do not survive and they have to stop their business because they are not profitable. Maybe the team behind this application explore other possibilities and make some changes that can help them restart the business. There is also a terminology called pivot which is needed at some point in time for any business that is not profitable to make it profitable. Maybe the salt team can give it a thought but I have an unlimited understanding of the business so I don't know how they will do it being a user of this application I feel sad for them and justice hope that they get some solution to restart the business in the future.
web url- https://www.salt.one/
Thank you so much
Stay Safe
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