How did you cope with the challenges thrown up by a year like 2022 which has been particularly harsh on the startup sector?
Thankfully, since we work exclusively with large financial institutions and Vymo is critical for sales productivity and customer experience, we have had good top-of-the-funnel momentum throughout the year. Even so, we have had to make additional investments in helping customers plan their digital roadmaps. This is a great time to identify cost levers and make operational improvements along many different axes. For instance, we brought down our cloud costs by about 30 per cent through renegotiations and similarly figured out an innovative technical solution to save on third-party API costs by 40 per cent.
What are your expectations from 2023? Will some of the growth drivers kick in again or will it continue to be a cautious year as well?
Growth-stage companies require steady capital to sustain growth. So with a fund freeze, it is important to keep a hawk-eye watch on the cash burn. This proves to be an uphill task for unicorn startups leading them to look at drastic cost optimisation measures such as laying off their employees. It is a good time for founders to rethink their strategy and business priorities before pitching to investors.
Please share more on how 2022 panned out for your company in terms of revenue targets?
Our revenue has doubled consecutively year on year during the pandemic period. We have a Net Revenue Retention (NRR) at an incredible 140 per cent and the Net Promoter Score (NPS) is 42. We have an unprecedented engagement of over 75 per cent across global deployments compared to market leaders with adoption rates between 20-30 per cent.
What are some of your plans for 2023?
Our plan for 2023 is to continue expanding in the US and Japanese markets. And further strengthen our footprint in India. While we expand the capabilities of our platform to meet evolving customer needs, and consolidate our leadership position as the only sales engagement platform with a keen verticalised focus