The Enthusiast: Founders and VCs beyond the Valley [Operator Stories] Mikhail Lomtadze (Kaspi) on building a $20Bn business out of Kazakhstan, the superapp strategy and secrets on execution
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Oct 1, 2024 
In a riveting conversation, Mikhail Lomtadze, CEO of Kaspi, shares insights on building a superapp that recently hit a $20Bn valuation on Nasdaq. He dives into the unique challenges of developing services in Kazakhstan and the power of customer-centricity in execution. Lomtadze emphasizes the significance of corporate culture in scaling operations and discusses how simplifying product development can enhance user engagement. He also highlights the benefits of fresh perspectives for innovation and the importance of prioritizing strategies in e-commerce.
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Launch Simple Products First
- Launch products with extreme simplification, starting with one key feature and adding others gradually.
- This approach helps teams and customers grow together with the product efficiently.
Kaspi's Modular Superapp Model
- Kaspi evolved from financial services to payments, e-commerce, travel, and groceries, all unified in one app.
- Each business operates like a startup with direct responsibility for its success, enabling scale and focus.
Ignorance as a Competitive Advantage
- Lack of prior industry knowledge can be an advantage as it prevents biases and encourages fresh perspectives.
- Approaching industries from a consumer perspective helps innovate and simplify solutions effectively.
