I appreciate the feedback. With an accounting background, I was able to put together a financial model and projections. We are working on a social networking app that focuses on the nightlife cultural. Please check our website to have a better understanding (www.cinchgrid.com).
We just launched our beta through itunes connect/ testflight. Currently we are signing up users usings through social media such as twitter and fb however the app is not live yet. We have about 20 users on board but thats because we had to go back and fix some issues which occurred during our last beta testing. We fixed those issues have started testing again and are looking for more beta testers.
I agree we need traction but more importantly we will using the funds to grow our team and to implement our marketing plan. We would like to setup a team in the US that will work with our team in India simultaneously and if possible to move our key programmer to the US to increase turnaround time.
We have a freemium model where users do not pay to download the app. We features that helps user connect with people when they go out. Our financial model depends more on e-commerce/advertisement through nightclubs, bars, restaurants etc. So, in reality we need to do two things simultaneously, increase our user base and improve our frontend/backend to where users can benefit from.
I am from Punjab but I actually live in Las Vegas, Nevada but I know our app can be used in India in cities like New Delhi and Chandigarh because I have seen the nightlife there.