Why this husband-wife duo founded a startup focused on improving relationships
Dating apps and matrimonial websites can help people find their partner, but what happens next?
Rashi Jain and Rohan Shah, who have been married for over eight years, have faced several relationship challenges including communication issues, intimacy, in-law issues, parenthood and more. They realized that maintaining strong relationships required physical, emotional, and caring attention, but there weren’t many options that helped you do that.
The problems have become even more apparent amid the pandemic, with people locked in their homes and growing increasingly frustrated with the situation.
Rashi, a trained independent counselor with a master’s degree in psychology from IGNOU, and Rohan, a believer and practitioner of rational, evidence-based decision-making to solve problems, realized that they had used rational and psychological approaches to overcome their problems and strengthen their bond. .
The couple decided to use this approach to help others struggling with relationships and relationships, and launched Life Quest in Mumbai in 2021. The app uses a community-driven approach to help manage, maintain and improve all relationships – romantic, family, friends, work, etc.
At Life Quest, Rohan (CEO) is responsible for customer relations, global strategy, product development and financing while Rashi (Chief Counselor) is responsible for building, retaining and training the company. consulting team.
How it works
After downloading the app, users have to go through a quick registration process that takes 30 seconds. It is possible to choose a pseudonym or nickname to keep your identity hidden.
Signing up leads to the community chat group, Vent Out, where they can see conversations between members and Life Quest moderators, share relationship issues/problems, and talk to moderators.
Vent Out helps even those who don’t participate because they can learn from other people’s problems and realize that there are others in the same boat. The group is monetized through direct and indirect advertisements.
Each new user gets five minutes of free private chat by becoming a member of the Life Quest community. The Vent Out group and free private chat allow them to experience the product before committing to it by purchasing private chat minutes.
Private chats are available 24/7; these sessions are between a user and a trained Life Quest counselor or relationship coach. Users can purchase bundles of minutes to have a one-on-one session with a Life Quest counselor and relationship coach. These are priced at Rs 299 (15 minutes), Rs 399 (30 minutes), Rs 499 (45 minutes) and Rs 599 (60 minutes).
A Life Quest Advisor joins the chat within 60 seconds of clicking Start Chat. This private chat session can be ended whenever the user wishes.
Screenshot of the Life Quest app
Users also get free access to sponsored virtual events hosted by the Life Quest team with relationship experts. They can sign up for upcoming events (on a range of topics such as intimacy, love, parenting, and family relationships) that are hosted by outside experts or Life Quest-trained experts. Case studies are shared, questions are welcome, and members can choose to remain anonymous.
Past events are saved and uploaded to the app for members to watch later.
The platform currently has 15 full-time coaches.
Rohan says counselors in India are not paid well due to very few job opportunities. “Each year, 15,000 students acquire a master’s degree in psychology and specialize in a specific area, for example child psychology, CBT, relationships, etc. But very few companies employ these students. The situation is so bad that they have to pay for their internships.
This allows Life Quest to recruit qualified advisors and train them to provide solutions “and deliver customer delight at reasonable prices.”
Business model and revenues
Community chat and events are free products that help users learn about services, engage with the community, and build trust. These users are acquired through online advertisements, partnerships and referrals. Free services are monetized through advertisements and brand sponsorships.
Private chat is the paid feature, where the startup makes money. Launched in July 2022, the startup claims to have had 50 paid private chats in the first week of launch.
So far, Life Quest has 13,000 Android users and 8,000 iOS users. He says he has made Rs 5 lakh in revenue since 2021.
Rohan says, “During this period, we have focused on establishing product-market fit. Current retention and engagement numbers are proof of PMF, which is essential for effective monetization.
Since July 5, Life Quest has decided to “emphasize monetization and sustainable user growth, creating the right balance between growth and profitability”.
Funding and way forward
The founders have invested Rs 60 lakh to launch the company and plan to invest another Rs 20 lakh soon.
In 2021, Life Quest took a revenue-based funding line from Getvantage. This was fully refunded on time.
Life Quest expects to raise between $1 million and $1.5 million in the last quarter of 2022. The funds will be used to:
● Improve, innovate and create a better product
● Worked on brand image and user growth
● Recruit the best talents to evolve
The global online dating app The market size was valued at $7.05 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2021 to 2028.
According to research by Statista, the revenue of the Indian dating industry was $323 million in 2020, and this figure is expected to grow at a steady rate.
Rohan says, “We believe that people who use dating apps will at some point have problems in their relationship and need Life Quest. Therefore, our addressable market size is $323 million. At the same time, there is a huge untapped market for married couple counseling, but there are no credible benchmarks to measure the market size of this segment as there are few products focused on relationship issues.
Relationship advisors Love Nudge, Coral and AstroTalk are among the players operating in this sector. However, what sets LifeQuest apart is the fact that it offers instant counseling, a pay-as-you-go model, and anonymity.
“Astro talk provides spiritual guidance on topics like relationships, careers, health, etc. But Life Quest is a relationship-focused platform that provides solutions backed by science and research,” says Rohan. .