2024 in Rear View Mirror

Originally published here: Link

Last year, I set out to learn how to drive. I’d taken lessons before, but since I didn’t own a car, I never practised enough to feel confident. So, I remained the eternal backseat passenger. During my lessons, I discovered something unexpected: driving isn’t just about looking ahead through the windshield. It’s also about checking the rearview mirror. The windshield shows a chaotic, nerve-wracking world, while the rearview mirror simplifies it, revealing only the big stuff—like trucks and landmarks. This got me thinking: running a startup (and life in general) is a lot like driving. You keep hustling through the daily chaos, but it’s only when you look back — your "rearview mirror of reflection"— that you spot the big milestones and key lessons.

That’s exactly what I did on New Year’s Eve. (Yes, I’m too old for drunken parties.) Last year was our best yet in terms of growth—revenue, profits, new products, you name it. But the real growth? It came from understanding our users. We talked to them. A lot. We learned (and unlearned) more than we expected. This post is my startup’s rearview reflection, with 12 standout insights about our users (and Indian users in general):

1. Cashflow is King

For Indians, financial planning = cashflow management. It’s not about moving up the ladder but keeping aspirations within reach. Cash in hand = peace of mind. Fancy financial instruments without instant liquidity? Hard pass.

2. Spending Pattern Myth

Forget the "miser Indian" stereotype. Indians are discerning, not cheap. They weigh every rupee for both value and vibes. Case in point: luxury brands. It’s not about quality; it’s about flaunting affluence. A good fake? As effective as the real deal—because it’s the signal, not the stitching, that matters.

3. Augmentation Cycle

In India, nothing truly belongs to just you—it’s the family’s. Books, bikes, T-shirts— they’re all shared and recycled. Forget fast fashion’s replacement cycle; here, it’s 2024 in rearview mirror - all about the augmentation cycle: keep adding value until it’s unrecognizable (and still useful).

4. The Cyclic Economy

In rural India, buying depends on crop cycles, festivals, and weather. A bad monsoon? Purchases dry up—even for salaried folks. Why? Helping struggling neighbours takes precedence. (Shoutout to the two-wheeler industry for getting this.)

5. Culture, Credit, Commitment (and Cashflow)

Indians take loan repayment seriously—it’s cultural. But fixed EMIs that choke cashflow? Nope. They’d rather pay higher interest to the friendly neighbourhood lender for the flexibility. Who cares about credit scores when you can breathe easy?

6. Comfort ≠ Adoption

Digital payments are cool, if they bring value. Most transactions are still on credit with local merchants, digital payments for rounding off change? A rounding error in the big picture.

7. Informed ≠ Initiative: The Missing T-Factor

Mass India knows about mutual funds and stocks, but comfort beats knowledge. Chit funds and recurring deposits feel safer. Fintech platforms? Too flashy, not enough trust. As we keep hearing, "Mutual fund sahi hai, but mujhe comfort nahi hai."

8. W Factor: Participative Patriarchy

Patriarchy is alive, but it’s evolving faster than ever. Financial decisions are increasingly becoming group discussions, with men as the executors, not dictators. Progress is happening, one step at a time.

9. Education: Empowerment vs. Autonomy

Empowerment isn’t just education; it’s autonomy. A working woman in a metro might defer to her husband if he knows better—and vice versa. Competence, not gender, is becoming the new decision-making standard.

10. The Community Safety

Net Insurance in India competes with strong community ties (think caste, religion). As migration weakens these ties, there’s a big opportunity to recreate this digitally - whoever cracks this wins big.

11. The Myth of Asset and Liability: Shared vs. Personal

In mass India households, assets and liabilities are fluid. Houses? Shared. Gold? Personal. Loans for education or a delivery bike? Family-funded but individually repaid. It’s a collective effort with personal accountability.

12. Culture is the Missing Sub-Category

Indian consumers crave cultural variety. Shoes, decor, jewelry—they all need local flavors. Want to succeed? Think Bengali sarees, Tamil motifs, Sikh patterns, and more. One size does not fit all here. There is a huge underserved market for jewellery with regional and other design motifs unique to various states & local communities. Indians thrive in the chaos of diversity.

Getting back to work, here’s to a great 2025.

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