Catching Up On Readings: IPOs 2024 H1

This report from Nasdaq looks at the highlights of IPO listings in the first half of 2024. There were 66 IPOs in the first half of the year that together raised $8.7 billion. For this week’s posts, click on the paragraph links.

Featured Videos

Bootstrapping a Generative AI Venture Using Services: Abhinav Girdhar, Founder CEO of Appy Pie (Part 7)

Sramana Mitra: You have about a $12-$15 million company right now, is that right?

Abhinav Girdhar: I would say north of that, but i don’t have the real numbers on top of my head.

Sramana Mitra: And it’s a bootstrapped company?

Bootstrapping a Generative AI Venture Using Services: Abhinav Girdhar, Founder CEO of Appy Pie (Part 6)

Sramana Mitra: Okay, when did the Automate product come out?

Abhinav Girdhar: That was prior to Design. We launched it during the thick of Covid. Now, we’ve got three of these products doing pretty well.

Sramana: The Automate product is also at a million dollar run rate?

Video FAQs

July 11 – 645th 1Mby1M Mentoring Roundtable for Entrepreneurs

Entrepreneurs are invited to the 645th FREE online 1Mby1M Mentoring Roundtable on Thursday, July 11, 2024, at 8 a.m. PDT / 11 a.m. EDT / 5 p.m. CEST / 8:30 p.m. India IST.

If you are a serious entrepreneur, register to “pitch” and sell your business idea. You’ll receive straightforward feedback, advice on next steps, and answers to any of your questions. Others can register to “attend” to watch, learn, and interact through the online chat.

You can learn more here and REGISTER TO PITCH OR ATTEND HERE. Register and you will receive the recording by email, even if you are unable to attend. Please share with any entrepreneurs in your circle who may be interested. All are welcome!

Bootstrapping a Generative AI Venture Using Services: Abhinav Girdhar, Founder CEO of Appy Pie (Part 5)

Sramana Mitra: Can you talk about the pricing strategy?

Abhinav Girdhar: We strategize in terms of what value we are adding to the platform. So we started as an app builder, later on we started offering a free website with an app. So when you create an app you also get a website.

Bootstrapping a Generative AI Venture Using Services: Abhinav Girdhar, Founder CEO of Appy Pie (Part 4)

Sramana Mitra: Ok, so you spun it out around $1 million ARR?

Abhinav Girdhar: That’s correct.

Sramana Mitra: So now that you’re at $1M ARR, has a shakeout happened in the market? Have some of the other smaller competitors started folding or consolidating? What’s the situation?

Bootstrapping a Generative AI Venture Using Services: Abhinav Girdhar, Founder CEO of Appy Pie (Part 3)

Sramana Mitra: Out of the 10,000 registrations, how many converted into paying customers?

Abhinav Girdhar: Mostly these were small customers, so people were coming in on a freemium model. I would say the conversion rate from freemium to paid was pretty low – 1 or 2 out of hundred users.

Sramana Mitra: 1-2% conversion rate. That’s normal in freemium. If you can get to 4% conversion in freemium, you’re doing great.

Bootstrapping a Generative AI Venture Using Services: Abhinav Girdhar, Founder CEO of Appy Pie (Part 2)

Sramana Mitra: So what precisely was the gap? Is it a pricing gap, was it more expensive, or was it a support gap? What was the gap?

Abhinav Girdhar: The gap was mostly on the support side of things and also servicing in terms of how do we go about serving these customers. The US companies mostly have a ticketing platform; there was no live support to assist these small medium businesses.