Inspiration

The solution we are building is for a problem we faced when we started our career in IT. Having no financial education it was very hard to keep a check on our finances. This included having no budgets to divide our income, having no idea how much to save/spend and how to track, no education on investing and related fields. Simply no idea how we can make our money make money for us with time. In other words, we were also financially illiterate when we started out our careers. As I set out to learn about personal finance, it was so overwhelming for me at first that I thought of giving up, but later in my journey realized that it is better to take one step at a time and realized the benefits of managing my finances. We are not domain experts in the field of finance or personal finance for that matter, but after talking to various people, taking multiple surveys, and analyzing data from users, we learned that this is an actual problem especially for young Indians (millennials and Gen Z).

What it does

Our first product is named tallileo. We are creating a one-stop solution for all personal finance needs for users in India. But even with the Indian market, this is a long and time-consuming vision and not viable to enter the market with. And so initially we are trying to solve only two problems.

Personal finance management

Indian youth is still unaware of tools and techniques to become financially literate. According to a recent survey only 27% of Indians are financial literate in some way. We want to increase this financial literacy number by at least 10% in the next 5 years. This means we will need to educate ~150 million Indians on personal finance which is a huge challenge in itself.

Here are the steps we will take in order to overcome this challenge:

  1. Provide a product with basic personal finance capabilities that will give them an overview of their finances. This will not overwhelm the users and get them on-boarded.
  2. Start publishing educational content on blogs, social media channels. This works as content marketing for us plus also increases brand awareness and affinity for potential and existing customers respectively.
  3. People start using concepts learned on our different channels and apply them to their finances using our product (budgeting, bucket list, automatic transaction tracking, savings, emergency funds, and etc.). Over time they see tangible benefits and this increases brand affinity even more. This is the step where word of mouth and other marketing strategies can further our growth.

Shared Transactions

Combining shared transactions with personal finance management which no other player in the market offers.

How we built it

We thoroughly research our competitors and some more products in the space and set a solid base for beginning our journey. Then we combined this research data with what we wanted with this app. After brainstorming and discussions, we comprehensively wrote down everything in a Functional Design Document. Then we started working on the UI/UX of the app. Once we completed the basic design of the app we got feedback from around 15 users and after refining UI a bit we went straight into the development part.

Challenges we ran into

Major challenges we ran into:

  1. Finding an iOS developer who can develop and ship our product on the App Store.
  2. Coming up with a sustainable business model.
  3. Finding USPs and value propositions for the user.
  4. Acquiring new users given the entry barriers in the market.

Accomplishments that we're proud of

  1. We have done solid market research to understand the market we are entering, its current stage, its potentials, and its entry barriers.
  2. Building a product from the ground up starting just from ideation was a bit challenging but we are happy that we are close to our goals.
  3. Skilling up in various domains from business to development, hiring to design, and etc.
  4. Getting users registered for our BETA and app launch.

What we learned

We have learned so many things while developing this product and we continue to do so:

  1. Choosing the right co-founders and founding team members.
  2. Product Development Lifecycle
  3. Managing team and product.
  4. Handling our daily jobs along with this stint and committing ourselves to its success.
  5. Having an open mind to learn and listen from feedback.

What's next for tallileo

  1. We have been selected for the incubation program under IIT Mandi Catalyst and will be completing the Phase 1 program by Jan 2022. After that, we want to get funded from the incubation in Phase 2 and also raise funds in seed rounds.
  2. Launch app on Play Store and App Store and acquire 100 users within 30 days.
  3. Expand team to ship quality features in no time and refine our offering to our users.
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