Contree is an interactive group expense management and settlement app with free bank transfer facility. Currently in beta version, it is a unique way to split, manage and settle expenses among flatmates, college students, colleagues. Currently, its beta version has been launched on play store with fantastic reviews. Let’s take an in-depth look at the app.
Free bank transfer and Group Money feature:
Contree’s ‘Group Money’ feature offers a new and more efficient way to settle expenses within groups. All those who have to give money as part of their settlements, give it to Group Money and all those who have to get money, get it from Group Money. It eliminates the need to handle settlements individually.
- Consider a group of 10 friends going on a trip. You are one of them.
- What happens generally is when settlements are done?
- You will have to give/get money to 4-5 friends. Say you have to pay Rs. 100, 125, 135 and 180 to four friends (Total = Rs. 540) & get Rs. 70 from one friend.
With Contree, you just have to give net Rs. 470 (Net settlement = Rs. 540 – Rs. 70) to Group Money, saving your time from dealing with 5 friends separately.
Feedback and suggestions are the core mechanisms which are the prime requirements for the improvement of the product. The team has tried to incorporate feedback within the app and it is present in the navigation bar. Users are presented with a brief questionnaire on the basis of which the developer team analyzes the pros and cons of incorporating that feedback/suggestion into the app.
The team has identified a niche segment (college students and flatmates) for marketing the app, which will set the base for targeted marketing approach right from the start and thereby, will help them in efficient future strategic planning. The final product would be made live by the team(25th May) based on the feedback which they receive from their close community of beta testers.
The Contree app has won the “Most Promising Startup ” at Nasscom’s NCR Nurture event. The following is a testimonial of that achievement:
Contree – Most Promising Startup – NCR Nurture Session
Contree achieved an inorganic user growth of 10% year on year. There were a closed group of beta testers who used Contree’s product and recommended it to their peers; the average ticket size increased from Rs. 100 (first week of beta) to Rs. 504 (last week beta results). Also, the overall transactions totaled Rs. 70,000, that too without any marketing (online or offline).
Contree has been released on the Android platform and will soon to be launched on iOS and Windows. The app contains management and payment features which are exclusive for Indian audiences. Download this app for Android here.