eCommerce SaaS hits $13m 2021 GMV, How He's Hedged Chile Interest Rates, Macroeconomic Headwinds
SaaS Interviews with CEOs, Startups, Founders
Nathan Latka
4.6 • 683 Ratings
🗓️ 24 August 2023
⏱️ 22 minutes
🧾️ Download transcript
Summary
When $200k Monthly Burn Kills You: He has 110 FTE’s but monetary policy in central america is killing his SaaS customers. Revenue drooped from $13m in 2021 to $6m in 2022 and he made the tough call to fire 85 FTE’s (80% of his team) for a shot at sustainability. How he did it. How to survive when you’re burning $200k per month and your revenue drops from $13m to $6m in 18 months.
Transcript
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| 0:34.8 | Guys, there you have it. |
| 0:36.1 | Ship it. |
| 0:36.8 | They processed in 2021 over $13 million in volume from e-commerce |
| 0:41.1 | sellers by helping them say, okay, where do you want to send that package of shoes? We'll pick the |
| 0:45.1 | carrier. We'll send it. Their take rate was 25. Well, back then it was 18 per 17, 18%. Today in 2020, |
| 0:51.2 | because of macroeconomic conditions in Chile, retailers, you know, higher interest rates, less retail sales, etc. They'll do about $6 million in GMV. He did the hard work last year of downsizing from 110 employees to 25. They were burning $200K last year. This year on track to profit, $500K,000 to make $1.3 million in terms of take rate on 6 million GMV, hoping to just buy |
| 1:12.7 | additional time here as it continued to scale 800 customers today because he lost 200 when |
| 1:16.6 | he increased prices, but that's extra margin to the bottom line. He's bought himself more sustainability, |
| 1:20.8 | more longevity. We'll see what happens next. Hey, folks. My guest today is Alan Gieloff. He's a commercial |
| 1:25.6 | engineer from the University of Chile, experienced in business incubation and a passionate entrepreneur and sports enthusiast. He co-founded |
| 1:31.4 | Shipit, a successful business that achieved over 12 million in annual revenue with the team of 110 folks |
| 1:36.5 | operating in two markets focused on tech logistics for e-commerce. Alan, you ready to take us to the top? |
| 1:42.6 | Let's do it. Let's rock. All right. Give me a customer story here. Name someone that's using you and how |
| 1:46.8 | they're using you today. All right. So let's see. Today we have a customer which is called |
| 1:52.7 | Semodan, which is women's shoes. And they have their store set up in, I think it's |
| 1:58.0 | Google Commerce or Preston Shop. and they easily integrate with a platform, |
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