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Mudrex Teardown.pdf
1. Increasing User retention for
Mudrex
3-5 min read
A Product Teardown
By
Ujwal Pawar
Praneeta Prasad
1
2. What is Mudrex?
2
Invest in Ideas, Not tokens, with coin sets
The Mudrex USP:
Invest in theme based coins sets which are well
diversified and maintained by experts minimizing
the risk
Simplifying the crypto investing
About Mudrex:
Easiest way to invest in crypto.
App allow users to buy crypto portfolios by
instantly investing in expert curated coin baskets
3. Key Facts given by Mudrex Team
1. 80%-90% of the acquired users are new to crypto
2. Out of these 80%-90%, around 40% are investing in financial instruments other than crypto
3. Two big problems are -
a. Don’t understand the offering
b. Can’t trust Mudrex
4. Significantly higher ticket size for investors from developed countries and older investors
5. Good traffic from brand partnerships, Ads, affiliate. But best retention is for referral & organic
6. Social media, blogs, emails & push notifications used for user engagement
7. Post investment /fund addition retention is good|3 month retention for invested users is 80%+
8. Account created to First investment funnel is the biggest concern|Largest drop off is before doing KYC
9. Activated to Invested conversion is as good as 25%
10. DAU/MAU is around 10%
11. Average time between user acquisition (Profile created) and user activation (Deposit made) is ~4hrs
12. Lower retention isn’t a recent phenomenon. It has been this way since the observation has been started
Key Facts given through AMA Q&A
3
4. Problem Statement
● Acquired users distribution
○ 85% are new to crypto1
■ 34% are traditional investors but new to crypto (40% of above2
) [Medium retention]
■ 51% are totally new to investing [Low retention]
○ 15% are crypto enthusiasts with good knowledge about it [High Retention]
● Two major conversion stages
○ Account creation to KYC/Deposit (Largest Drop off stage)
○ KYC/Deposit to Invest (Minimal Drop off stage/Conversion is good enough[25%]3
)
[Assumption] -
● Assumption made for existing retention based on the fact that avg time from profile creation to fund addition is ~4 hours. [Fact given]
● These people are coming with intention of doing the investment that’s why they are adding funds so fast.
● The possibility of having prior intention of investment is high for crypto enthusiast, medium for traditional investors & Low for newbies.
1
[Fact given] 80%-90% of the acquired users are new to crypto
2
[Fact given] Out of these 80%-90%, around 40% are investing in financial instruments other than crypto
3
[Fact given] Activated to Invested conversion is as good as 25%
4
5. Objective
● Voice of Customer
○ Understanding of Product
■ Not able to understand where to start. Its overwhelming.
■ I am not sure what crypto really is. Can I have some educational material?
○ Trust deficit
■ Not able to see the experts (and their credibility) who has created the coin sets.
■ Not able to trust crypto because I have heard about Volatility.
● Solutions
○ Integration of blog in the app.
○ Usage of youtube content in the blog/app to back or to educate users.
○ Partnering with finance influencers
5
6. Success Criteria
North Star Metric : # Users who invest for long term
● L0 Metrics:
○ # Users who do their KYC/first deposit
● L1 Metrics:
○ Avg time spend by a user daily exploring App/coin sets
○ N Day retention
○ DAU/MAU [Stickiness]
● L2 Metrics:
○ Avg time spent per session
○ # Sessions per day
○ Daily active users
6
7. Rakesh
is 40 year old male living in Bangalore, India and
earns 25L-40L (INR) annually
Ria
is 22 year old female living in Delhi, India and earns
7L-10L (INR) annually
Steve
is 30 year old male living in New York, USA and earns
120K - 150K (USD) annually
Experience
He is actively investing in traditional asset classes like
equity, debt etc for >10 years but very new to Crypto
She has just started earning and now thinking about
investing and happen to know the buzz of Crypto
Steve is a crypto enthusiast who is actively trading in
crypto exchanges like binance for >3 years
Expectations
He wants to understand the performance comparison
of cryptos with traditional asset classes and eventually
wants to start investing in Crypto
She wants to checkout what Cryptos are. She is also
looking for a guide to start investing in crypto and
expects to see crazy returns
He wants to diversify his investments over multiple
coins with theme based approach along with ease &
convenience for investment’s performance traceability
Pain Points
● Lack of information about the expert (and their
credibility) who created the Coin Set
● Factsheet/research methodology with proper
documentation behind the coinsets is not available
● I don't find the SIP option.
● AUM and fees/expense ratio of coin Sets not
mentioned
● Not able to read the coin sets graph as to what is
current price and what is time on X-axis.
● No easily available guide on how to use the app
and no guidance around how to start investing
● All the coinset returns look negative but I had heard
about crazy returns.
● Unable to find anyone of my YouTube finance
influencers vouching this platform
● Cannot share coin sets any other platform than
WhatsApp.
● Unclear performance trends of the coin sets.
● Very few coin sets to explore.
● Not able to create my own coin set.(Which I can
share also)
● Unable to watchlist/save a coin set for
tracking/paper trading proxy purpose
User Personas
34%* 51%* 15%*
Represents X% of current user base that closely resemble with user persona
X%*
7
8. User Journey
Registration Explore Considering KYC/Fund Addition Investing
Needs /
Expectations
Wants to register quickly
without needing too
many details
Wants to know what I
can do on Mudrex,
understand the different
features
Wants to know if this
platform is trustworthy
before doing crypto
investment
Wants to quickly finish it,
without needing too
many details
Wants to flexibly invest
based on my current and
future funds availability
Happy
Neutral
Unhappy
8
9. User Journey - Home Section
Pain Point #1:
Unable to understand the offering
● Rakesh wants to compare crypto
to stocks
● Ria wants a 101 about crypto and
guide on how to use app
● Steve wants to know how he can
diversify his crypto investments
● I am not really sure about what is the
underlying asset of crypto.
● I need to first know what crypto is and
why it is so volatile
● I am unable to find any comparison of
various asset classes
● I am not sure how to use the app
● I read about the all the hype of crypto
but all the coin sets looks to have
negative returns
● What exactly the product is about?
● How is it helping me diversify my
crypto investments?
Solution #1:
Personalized blogs/videos
recommendations to educate users
based on their experience
● They can be asked one simple
question about their investment
experience
● Then segment them as ‘New to
crypto but otherwise investor’/‘New
to investing & Crypto both’/ ‘Crypto
enthusiast’
● Then the personalized blogs
recommendations can be
provided to them on home page
9
10. User Journey - Coin Sets Section
*Pain Point #2:
Need CoinSet Creation option &
Watchlist option
● On the Coin Set explore section
screen, Steve realises his need for
creating his own Coin Sets
● While exploring particular coin Set
screen, Ria and Steve realises need of
watchlist for performance tracking
● Ohh! Basket of crypto coins! It looks
like mutual funds or smallcase of
stocks
● I see some of coinsets with name
having word ‘index’. Are they index
funds of crypto?
● Looks like coins are grouped together
● Search button on the top is not taking
me anywhere.
● Here I see combination of coins called
as coin sets.
● Looks like there are some index funds
as well. But I haven’t really heard
much about widely accepted crypto
indices
Next slide
1 & 2 Solution #2:
Own Coin Sets Creation option &
Watchlist option
Here is where we can add option
for user to create their coinsets and
take users to the screen of new Coin
Set creation
Here we can add watchlist
section button which will take users to
watchlist section where users can see
Coin Sets they have watchlisted and
can track their performance
1
2
*Both the Pain Points addressed here are coming from user feelings from other screens
10
11. User Journey - Coin Sets View more explore
Pain Point #3:
Lesser filter & sort options and lack of
customization & variety
● Rakesh and Ria wants more filter
option along with sort option and
more variety of coinsets
● Steve wants to have option to create
his own Coin Set
● I see filter, but don’t have much
options to filter on.
● I wanted to sort the coin sets by
decreasing order of 1Y returns etc but
I can’t.
● Very few coin sets are available
● I can only filter on name of coins but I
haven’t heard about any of these
coins
● Can I sort based on the risk?
● It looks like popular/good performing
coins of every project/sectors are
combined to made the coin sets
● It would have been wonderful if the
Coins sets were diversified across
projects/sectors
● I can not create my own Coin Set*
Solution #3:
Redesign the ‘All Coin Sets’ section and
routes to it
● ‘Search’ & ‘View More’ both should
take to this section
● Filter should have volatility (H/M/L),
Risk (H/M/L) & investment strategy
(Growth/Sector
tracker/Momentum/Fundamental
etc) options
● Sort should have Popularity, recently
rebalanced, returns H-L
(1M/6M/1Y/3Y/5Y), AUM,
#investors etc options
11
*This Pain Point has been addressed on previous slide
12. User Journey - Particular Coin Sets Section
Pain Point #4 :
Lesser chart readability and lack of save
option & AUM, Rist category info
● Rakesh wants to have better readability
of charts and better documentation on
methodology
● Ria wants to know about Risk and
volatility. Also Save option
● Steve wants watchilist option and
disconnect % return and timeframe of
charts
● I don’t really see both X and Y axis
properly. X axis is must to get
understanding of time frames
● No proper document explaining the
Coin Set like factsheet in smallcase,
mutual funds or Index Funds
● I am not sure about the volatility and
risk involved in this Coin Set
● I am not able to save any Coin Sets
● Not sure what % means when I hover
over the trend
● I can’t change the returns from 1Y to
3Y only the chart is also changing with
that.
● This coin set looks good, I want to
watchlist* & track its performance for
a few days, then I can think to invest
or not
2
1
3
4
Solution #4:
Better readability of charts and addition of
Watchlist & change returns timeframe
options and Add Factsheet
● Readability of charts can be increased
by changing Y axis to absolute value of
$100 over period of time and giving at
least month-year on X axis.
● Add Risk , Volatility level & AUM in
● Add to Watchlist button at &
return time frame change button at
● Add factsheet at
1
2
3
4
12
*This Pain Point has been addressed on previous slide
13. User Journey - Funds (Bank Transfer)
Pain Point #5 :
No direct payment option
available & lack of
clarification
● Rakesh wants to get the
payment done without
leaving the app
● Ria feels the guidance
given is not sufficient
enough
● Ohh! Do I really need
to transfer funds by
going to my internet
banking account?
● The section reads ‘
Do not use… using’. It
looks like sentence in
not even completed. I
need to transfer using
what?
● Ohh I will go for
crypto option than
bank transfer
Solution #5 :
Better integration of
Payment options & clear
guidance on screen
● Creating integration of
various payment options
is necessary
● Should use black with
orange or yellow*
background for guidance
instead of Red and write
complete sentence. (Red
portrays negative things/
danger)
*Black font with yellow or orange background should be used for warnings/caution (As per general guidelines)
13
14. User Journey - Funds (Crypto)
Pain Point #6:
Bug is biting the head!
The bug is making all of
the users think more and
question the
trustworthiness of app
● I don’t have any other crypto
wallet but let me still check
what it is!
● Ohh! The [{coint}] thing looks
like a bug. Should I trust this
app at all?
● Ohh! The [{coint}] thing looks
like a bug. Should I trust this
app at all?
● All good, I see USDT! The
Stable coin! Great! I will Use
this.
● But wait what is that [{coin}]
thing? Is it some kind of bug?
Should I go ahead with this or
not?
Solution #6:
Fix the Damn thing!
It might not be really
much concerning for
developers, but it is very
important for end users
14
15. User Journey - Invest
Pain Point #7 :
Again a Bug! Breaking my faith!
● Rakesh is thinking why this SIP
option was not even visible to
me before I do KYC
● Ria and Steve are concerned
about another bug
● This Monthly investment trend is good
thing. I get an idea how people on this
platform are reacting to market
changes
● I was not able to see this SIP option
before I do KYC
● What is recurring investment and how
this works? I don’t see ‘i’ button to give
me a short info
● Glitch! Again a Bug! Why that [{data}]
thing is there? Is this even a legitimate
platform? Now I am getting really
confused
● Bug! Why that [{data}] thing is there?
Is this even a legitimate platform? Is it
fully operation platform or are they just
testing their app in market?
Solution #7 :
Move the KYC condition after SIP
option and Fix the bug!
● Move the KYC check at the very
last. Let users explore what all
things they have in store
● Again! Small bugs can also make
or break the user
15
16. User Journey - Notifications & Trust
Pain Point #8 :
Notifications are not working properly
● Most of the users are finding that many notifications are
getting opened
● So much of irrelevant notifications
● Rakesh is very keen on knowing and vetting the expert and
their credibility before investing
● Most of the notifications are not taking
me anywhere
● They mentioned Coin Sets are created
by Experts I am not able to find which
expert till the end
● I am getting so many notifications
which are literally look irrelevant
● Not able to open notifications and read
● So many notifications I just need
industry news!
● Not able to land through notifications
Solution #8 :
Fix the issue of notifications not opening & increase relevance of
notifications and mention expert credibility
● Notifications are important medium to reach users. Need to
improve on availability/correct linking of landing page for
notifications
● Segment users by demographics and experience and also the
stage or days into user journey
● Ask users on app using a few polls what they would like to
know. And then relevant blogs notifications can be sent at
particular time when their clicks rates are high
● It will be better to partner with experts in crypto industry to
create coinsets. If we already have experts put their credibility
and experience. This will help bring more trust.
16
17. Existing User Flow
17
This is the point where we are making changes in the user flow to drive user engagement and retention.
19. Solution #1 : Trust building and helping understand the offering
Personalized blogs/videos recommendations to educate users based on their experience
Impact :
Increase user’s understanding of the product offering
● Helps to gain the trust of traditional investors new to crypto, by comparing the performance
of coin sets to stocks.
● Cuts down the confusion about the offering and shortens the time between profile creation
and the first investment for users new to crypto and investing as a whole.
● For experienced crypto users, it will highlight new ways of investing, diversification and
performance tracking with ease, thus retaining crypto users who are more likely to invest in
coin sets even in times of high volatility over longer terms.
● Video content by influencers, helps to capture attention for longer time and increases trust
factor.
Description :
The users see the blogs personalized according to their experience in investing, when they open the
app.
● This section will serve as a guide to the platform and crypto investing, especially for the first
time users. Reading these blogs and watching embedded videos will increase the average time
spent per session.
● The portfolio section can be replaced with ‘Recommended Reads’ for the users who have not
invested yet in the app.
● Along with personalization, the blogs about coin sets will also include a CTA which will lead
user to the Coin Sets landing page. This will increase the top of the funnel for Coin Sets.
● Notifications sent to users with personalized blogs will increase the DAU/MAU.
Metrics:
● Average time spent per
session
● DAU/MAU
19
20. Solution #2 (A) : Hook creation by letting users test the waters
Watchlist Section to track performance of saved Coin Sets and sent users notifications to get them back
Impact :
Increasing user engagement on the platform
● Increases the user activity on the app, by providing an
additional touchpoint on the Coin Set detail page.
● Increases the frequency of repeat sessions by the
users as they revisit their watchlist.
● Offers ease of convenience as the coin sets that the
users want to track, are all at the same place.
● ‘Moved by’ section on the ‘Watchlist’ screen simplifies
the coin set’s performance in the time period since the
user watchlisted it.
Description :
Two additional sections added to Coin Sets Landing Page
● ‘Most Watchlisted’ section shows the coin sets which
are most saved by users on the platform.
● ‘Your Watchlist’ helps user to keep a tab of their saved
Coin Sets at once place and to check their growth. This
will increase # session per day.
● Notification sent for growth in the watchlisted coin set.
This will increase the DAU/MAU.
Metrics:
● # Sessions per day
● DAU/MAU
20
21. Solution #2 (B) : Giving users freedom to try and feel the product
Coin Sets Creation option to allow experienced users to create their own coin sets
Metrics:
● Average time spent per session
● # session per day
● DAU/MAU
Impact :
Improve retention of experienced users with an
additional touchpoint
● Provide a way to experiment with coin set weights
and strategies for experienced crypto users.
● Create a hook for these users to regularly come and
check their created coin sets on the app.
● If they share their custom coin set with their crypto
community, it will help Mudrex gain more high risk
appetite users.
Description :
● Added an option to view and create custom coin sets
on the Coin Set landing page, and monitor their
performance.
● The user will spend time creating coin sets and will
return to check their growth, increasing the avg. time
spent per session and # sessions per day
respectively.
● Notifications about the created coin sets’ growth will
increase the DAU/MAU.
21
22. Solution #3 : Increasing the user activity and eventually engagement
’All Coin Sets’ Section with sort and filter options
Metrics:
● Average time spent per session
Impact :
Cutting down the effort of user to vet the coin sets
● Ease of accessibility of all coin sets, with an option to
search for a specific coin set.
● Caters to all user segments and their needs by
providing variety in filter/sort parameters.
● Filtering by Volatility/Risk and sorting by
Popularity/Returns/No. Of Investors helps streamline
coin sets to explore for users new to crypto.
● For traditional investors, AUM/Returns/Rebalanced
sorting options and Volatility/Risk/Strategy filtering
options helps them assess crypto as an investing
option.
Description :
Adding ‘Sort’ option and including more parameters in
‘Filter’ option. ‘View All’ and ‘Search’ lead to the same page.
● The user can search, filter, and sort through all coin sets.
● User can thoroughly explore coin sets according to their
requirements by different sort/filter parameters,
increasing the average time spent per session.
22
24. Secondary Research
Age and Gender wise demographics for crypto:
● ~8.7% of the total Indian population currently hold investments in crypto[1]
● Age wise crypto investor distribution - 45% in 18-35 years, 29% in 36 to 55 and 26% in 55+ years[2]
● ~20% of the total crypto holders in India are women [3]
Investment portfolio wise stats of crypto users:
● According to a WazirX survey of their users, 44% of respondents shared that crypto consists of up to 10% of their overall investment portfolio. [4]
● According to the same survey by WazirX, 29% of respondents between 18-24 years of age have allocated over 50% of their total portfolio to crypto.
Barriers to Crypto Investment:[5]
● 41% say that they are not sure which types of crypto investment products to choose
● 37% have difficulty managing the risk of their portfolios
● 27% have trouble predicting the market directions and values of crypto.
Smallcase specific statistics: [6]
● ~10 cr demat account holders in Indian population and ~45 lakh use Smallcase.
● Strategies created in-house by its team accounted for 39% of the total use-case options on the platform, while independent managers and partners
created 33% of the total strategies and 29% were user-generated strategies.
● Close to 30% of all investments in strategies on smallcase are via SIPs
24
25. Primary Research
Key Insights:
● 30% of the people who knew about crypto, were crypto investors
● These crypto investors gave avg 3.5 rating when asked about how likely are
they to recommend crypto to others
● Of the people who don't invest in Crypto, 68% think that Crypto will be
worth more in future (32% think Significantly more & 36% think Somewhat
more)
● Two biggest reasons for not investing in Crypto are lack of knowledge and
risk & volatility
● Youth has slightly more awareness, adoption & conversion for apps like
Smallcase
Methodology & survey demographics:
● Survey floated to random population in India to 72 respondents
● Gender wise distribution of survey takers 85%: 15% for M:F
● Age wise distribution of survey takers - 70% in 18-25 years, 22% in 26-35
years and 8% in 36+ years
User Funnel for
Smallcase
(Analog for Mudrex)
User Funnel
(Based on
Survey)
Based on
secondary
research
(India)
Effective User
funnel
(Taking only
15%2
of rates)
Demat Account holders 100% 100% 100%
Awareness Know smallcase 54% 8%
Adoption Explore/use smallcase 31% 4.5%1
5%
Conversion Invest using smallcase 19% 3%
25
1
India has ~10 Cr Demat account holders and 45 Lakhs smallcase users. Adoption of smallcase = 4.5% [Secondary Research]
2
For effective funnel, 15% of the rates used because survey gave 31% adoption and secondary research gave 4.5%. So 4.5%/31% =~15%
26. Market Potential (India*)
26
*
Almost 80% of the Mudrex user base is from India.
1
Effective User funnel from previous slide is used considering Smallcase as analog for Mudrex
2
Current internet penetration in india is 53% giving total 69 Cr internet net users. Internet users (69 Cr) minus Crypto investors (11.5 Cr) = Total non-crypto
investors but has internet access (57.5 Cr)
3
Only 10% of the Crypto investors funnel conversion rates used assuming crypto users to be 10 times more likely to convert at each stage
Total Crypto Investors
11.5 Cr
100%
People who know about Mudrex
(Awareness)
92 Lakhs
8%1
People who use/explore Mudrex
(Adoption)
57.5 Lakhs
5%1
People who invest in Mudrex
(Conversion)
34.5 Lakhs
3%1
Total non-Crypto Investors but has internet access2
57.5 Cr
100%
People who know about Mudrex
(Awareness)
46 Lakhs
0.8%3
People who use/explore Mudrex
(Adoption)
28.75 Lakhs
0.5%3
People who invest in Mudrex
(Conversion)
17.25 Lakhs
0.3%3
Total Eligible Population (Having internet Access)
69 Cr
People who know about Mudrex
(Awareness)
1.38 Cr
People who use/explore Mudrex
(Adoption)
86.25 Lakhs
People who invest in Mudrex
(Conversion)
51.75 Lakhs
27. Strategic Recommendations
1. Trust could be increased by partnering with crypto supporting finance influencers on Youtube and
using their existing video to link in the blogs
2. More hooks & engaging features should be created to increase retention as suggested through
solutions
3. Users, who don’t have crypto investing experience, should be educated ground up from the basics of
crypto to the USP of product (They are hard to convert but they will start as Mudrex only people which decreases the
risk of losing them to the crypto exchange platforms in the future)
4. Users, who are already crypto investors, should be targeted more when acquiring new users since
retention will be higher for them and high ticket investments will come from them (Strategic
Partnership with Binance will help). But to drive conversion from this segment, we will need to implement
functional features desired by them such as Coin Set creation
5. Increasing number & variety of coin sets available to explore and partnering with fund managers to
create coin sets will also lend more credibility to app
27
