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Jan 9, 2023 · 22m · top-founders

How he went $0 to $1m/mo in under 24 months for Waste Management SaaS in India

Vishnu Vardhan · 10m spoken Nathan Latka · 8m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this interview, host Nathan Latka speaks with Circle X founder Vishnu Vardhan about how his hybrid B2B waste management marketplace and Web3-enabled SaaS platform scaled from $100,000 to over $1 million in monthly revenue within two years. Vardhan breaks down his capital-efficient growth strategy, enterprise customer acquisition tactics, and physical logistics network that achieved a $12 million annual run-rate on just $250,000 in outside funding.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 43% of the talking time here. How this is scored →

Nathan as informed peer 4.5 Guest teaching 2.5 Guest disagreement 1.4 Nathan pushing back 2.9
05100:0010:0020:000:00–2:18 · Nathan as informed peer 0/10 SaaS Open Conference Announcement in New York City Solo host intro and conference announcement for SaaS Open alongside a brief episode teaser.2:19–5:28 · Nathan as informed peer 4/10 Defining Industrial Waste Management and Circle X's Model The host challenges whether Web3 was included merely to pump valuation. The guest clarifies the regulatory framework (EPR) and the necessity of building the physical network of aggregators before implementing blockchain traceability.5:28–8:05 · Nathan as informed peer 5/10 Platform Launch, Traction, and B2B Scrap Marketplace The host questions download figures and compares the scrap marketplace to Facebook Marketplace. The guest explains the distinction between household junk and high-volume industrial commodity bidding.8:06–10:23 · Nathan as informed peer 6/10 Marketplace Volume, GMV, and Take Rates The host performs rapid mental math to translate 9,000 metric tons and $500/ton into $4.5M GMV and estimated take-rate revenues between $45k and $225k per month.10:23–13:35 · Nathan as informed peer 6/10 Pure SaaS Revenue Breakdown and Hitting $1M Monthly Run-Rate The host drills down on pricing per facility, customer counts, and revenue mix, pressing to confirm how the pure SaaS numbers reconcile with the $1.01M monthly run-rate.13:35–16:07 · Nathan as informed peer 7/10 Team Composition, Capital Efficiency, and Profitability The host calculates revenue per employee ($285k/employee across 42 team members) against Indian cost benchmarks, demonstrating strong knowledge of SaaS capital efficiency.16:08–19:50 · Nathan as informed peer 5/10 Expansion Plans, Co-Founder Equity, and Tech Team The host presses the guest for specifics on the YouTube influencer channels that drove their B2B growth, while exploring cap table distribution and funding plans.19:51–22:13 · Nathan as informed peer 3/10 Famous Five Rapid-Fire Questions with Vishnu Vardhan Rapid-fire Famous Five questions followed by the host summarizing Circle X's growth metrics in the outro.0:00–2:18 · Guest teaching 0/10 SaaS Open Conference Announcement in New York City Solo host intro and conference announcement for SaaS Open alongside a brief episode teaser.2:19–5:28 · Guest teaching 5/10 Defining Industrial Waste Management and Circle X's Model The host challenges whether Web3 was included merely to pump valuation. The guest clarifies the regulatory framework (EPR) and the necessity of building the physical network of aggregators before implementing blockchain traceability.5:28–8:05 · Guest teaching 4/10 Platform Launch, Traction, and B2B Scrap Marketplace The host questions download figures and compares the scrap marketplace to Facebook Marketplace. The guest explains the distinction between household junk and high-volume industrial commodity bidding.8:06–10:23 · Guest teaching 2/10 Marketplace Volume, GMV, and Take Rates The host performs rapid mental math to translate 9,000 metric tons and $500/ton into $4.5M GMV and estimated take-rate revenues between $45k and $225k per month.10:23–13:35 · Guest teaching 3/10 Pure SaaS Revenue Breakdown and Hitting $1M Monthly Run-Rate The host drills down on pricing per facility, customer counts, and revenue mix, pressing to confirm how the pure SaaS numbers reconcile with the $1.01M monthly run-rate.13:35–16:07 · Guest teaching 2/10 Team Composition, Capital Efficiency, and Profitability The host calculates revenue per employee ($285k/employee across 42 team members) against Indian cost benchmarks, demonstrating strong knowledge of SaaS capital efficiency.16:08–19:50 · Guest teaching 3/10 Expansion Plans, Co-Founder Equity, and Tech Team The host presses the guest for specifics on the YouTube influencer channels that drove their B2B growth, while exploring cap table distribution and funding plans.19:51–22:13 · Guest teaching 1/10 Famous Five Rapid-Fire Questions with Vishnu Vardhan Rapid-fire Famous Five questions followed by the host summarizing Circle X's growth metrics in the outro.0:00–2:18 · Guest disagreement 0/10 SaaS Open Conference Announcement in New York City Solo host intro and conference announcement for SaaS Open alongside a brief episode teaser.2:19–5:28 · Guest disagreement 3/10 Defining Industrial Waste Management and Circle X's Model The host challenges whether Web3 was included merely to pump valuation. The guest clarifies the regulatory framework (EPR) and the necessity of building the physical network of aggregators before implementing blockchain traceability.5:28–8:05 · Guest disagreement 2/10 Platform Launch, Traction, and B2B Scrap Marketplace The host questions download figures and compares the scrap marketplace to Facebook Marketplace. The guest explains the distinction between household junk and high-volume industrial commodity bidding.8:06–10:23 · Guest disagreement 1/10 Marketplace Volume, GMV, and Take Rates The host performs rapid mental math to translate 9,000 metric tons and $500/ton into $4.5M GMV and estimated take-rate revenues between $45k and $225k per month.10:23–13:35 · Guest disagreement 2/10 Pure SaaS Revenue Breakdown and Hitting $1M Monthly Run-Rate The host drills down on pricing per facility, customer counts, and revenue mix, pressing to confirm how the pure SaaS numbers reconcile with the $1.01M monthly run-rate.13:35–16:07 · Guest disagreement 1/10 Team Composition, Capital Efficiency, and Profitability The host calculates revenue per employee ($285k/employee across 42 team members) against Indian cost benchmarks, demonstrating strong knowledge of SaaS capital efficiency.16:08–19:50 · Guest disagreement 2/10 Expansion Plans, Co-Founder Equity, and Tech Team The host presses the guest for specifics on the YouTube influencer channels that drove their B2B growth, while exploring cap table distribution and funding plans.19:51–22:13 · Guest disagreement 0/10 Famous Five Rapid-Fire Questions with Vishnu Vardhan Rapid-fire Famous Five questions followed by the host summarizing Circle X's growth metrics in the outro.0:00–2:18 · Nathan pushing back 0/10 SaaS Open Conference Announcement in New York City Solo host intro and conference announcement for SaaS Open alongside a brief episode teaser.2:19–5:28 · Nathan pushing back 5/10 Defining Industrial Waste Management and Circle X's Model The host challenges whether Web3 was included merely to pump valuation. The guest clarifies the regulatory framework (EPR) and the necessity of building the physical network of aggregators before implementing blockchain traceability.5:28–8:05 · Nathan pushing back 4/10 Platform Launch, Traction, and B2B Scrap Marketplace The host questions download figures and compares the scrap marketplace to Facebook Marketplace. The guest explains the distinction between household junk and high-volume industrial commodity bidding.8:06–10:23 · Nathan pushing back 2/10 Marketplace Volume, GMV, and Take Rates The host performs rapid mental math to translate 9,000 metric tons and $500/ton into $4.5M GMV and estimated take-rate revenues between $45k and $225k per month.10:23–13:35 · Nathan pushing back 5/10 Pure SaaS Revenue Breakdown and Hitting $1M Monthly Run-Rate The host drills down on pricing per facility, customer counts, and revenue mix, pressing to confirm how the pure SaaS numbers reconcile with the $1.01M monthly run-rate.13:35–16:07 · Nathan pushing back 2/10 Team Composition, Capital Efficiency, and Profitability The host calculates revenue per employee ($285k/employee across 42 team members) against Indian cost benchmarks, demonstrating strong knowledge of SaaS capital efficiency.16:08–19:50 · Nathan pushing back 4/10 Expansion Plans, Co-Founder Equity, and Tech Team The host presses the guest for specifics on the YouTube influencer channels that drove their B2B growth, while exploring cap table distribution and funding plans.19:51–22:13 · Nathan pushing back 1/10 Famous Five Rapid-Fire Questions with Vishnu Vardhan Rapid-fire Famous Five questions followed by the host summarizing Circle X's growth metrics in the outro.

speaking balance: gold is Nathan, purple is the guest (3 minute bins)

0:00 · Nathan 77% · guest 23%0:00 · Nathan 77% · guest 23%3:00 · Nathan 30% · guest 70%3:00 · Nathan 30% · guest 70%6:00 · Nathan 37.6% · guest 62.4%6:00 · Nathan 37.6% · guest 62.4%9:00 · Nathan 28.8% · guest 71.2%9:00 · Nathan 28.8% · guest 71.2%12:00 · Nathan 29.8% · guest 70.2%12:00 · Nathan 29.8% · guest 70.2%15:00 · Nathan 40.8% · guest 59.2%15:00 · Nathan 40.8% · guest 59.2%18:00 · Nathan 40.1% · guest 59.9%18:00 · Nathan 40.1% · guest 59.9%21:00 · Nathan 77.1% · guest 22.9%21:00 · Nathan 77.1% · guest 22.9%
Sharpest disagreement ▶ 4:08 Rebutting the Web3 buzzword accusation

The guest directly refutes the host's suggestion that Web3 was added solely to inflate valuation, arguing the underlying physical network had to be established first for traceability.

 Hardest push from Nathan ▶ 4:07 Calling out Web3 naming tactics

The host bluntly challenges the guest on whether Web3 was simply slapped onto the company name to fetch a higher valuation multiple.

 Biggest teaching moment ▶ 6:39 Clarifying B2B waste volume dynamics

The guest educates the host on the vast difference between peer-to-peer marketplaces and regulatory-driven corporate waste management processing millions of kilograms.

 Nathan holds their own ▶ 15:36 Calculating revenue per employee margins

The host calculates $285k annual revenue per employee against a local cost base of $60k-$80k, proving the company's exceptional profitability.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
SaaS Open Conference Announcement in New York City 0000 Solo host intro and conference announcement for SaaS Open alongside a brief episode teaser.
Defining Industrial Waste Management and Circle X's Model 4535 The host challenges whether Web3 was included merely to pump valuation. The guest clarifies the regulatory framework (EPR) and the necessity of building the physical network of aggregators before implementing blockchain traceability.
Platform Launch, Traction, and B2B Scrap Marketplace 5424 The host questions download figures and compares the scrap marketplace to Facebook Marketplace. The guest explains the distinction between household junk and high-volume industrial commodity bidding.
Marketplace Volume, GMV, and Take Rates 6212 The host performs rapid mental math to translate 9,000 metric tons and $500/ton into $4.5M GMV and estimated take-rate revenues between $45k and $225k per month.
Pure SaaS Revenue Breakdown and Hitting $1M Monthly Run-Rate 6325 The host drills down on pricing per facility, customer counts, and revenue mix, pressing to confirm how the pure SaaS numbers reconcile with the $1.01M monthly run-rate.
Team Composition, Capital Efficiency, and Profitability 7212 The host calculates revenue per employee ($285k/employee across 42 team members) against Indian cost benchmarks, demonstrating strong knowledge of SaaS capital efficiency.
Expansion Plans, Co-Founder Equity, and Tech Team 5324 The host presses the guest for specifics on the YouTube influencer channels that drove their B2B growth, while exploring cap table distribution and funding plans.
Famous Five Rapid-Fire Questions with Vishnu Vardhan 3101 Rapid-fire Famous Five questions followed by the host summarizing Circle X's growth metrics in the outro.

Statements from this episode (14)

Assertion Partly supported
Vardhan: Circle X operates as 'Uber for waste' with 45-minute dispatch
“So we are like a Uber for waste. So you can just swipe up and raise a pickup request, and within 30 to 45 minutes, one of our executives will come and pick up your waste and take it for.”
Vishnu Vardhan Jan 9, 2023 ▶ 3:41
Disclosure
Vardhan: Circle X charges brands software fees plus service fees
“Yes, they pay for the software. On top of that, they also pay something for the service that they avail.”
Vishnu Vardhan Jan 9, 2023 ▶ 4:00
Disclosure
Vardhan: Circle X spent first two years building physical network
“First thing for the first two years of the company, we spent just building the network because ultimately ways needs to go for recycling to be able to build a circular economy. And I can't build software on top of a network, which is not present. So first two …”
Vishnu Vardhan Jan 9, 2023 ▶ 4:22
Disclosure
Vardhan: Circle X uses Web3 for end-to-end waste traceability
“And then on top of that, we plugged in blockchain and web three because it will give us a hundred percent traceability and transparency over the complete journey of the waste.”
Vishnu Vardhan Jan 9, 2023 ▶ 5:15
Assertion Not checkable as stated
Vardhan: Over 25,000 users completed a transaction on Circle X
“Over 25,000 of them have done at least one transaction.”
Vishnu Vardhan Jan 9, 2023 ▶ 7:31
Assertion Not checkable as stated
Vardhan: Circle X channelized 9,000 metric tons of waste monthly in 2022
“Last year was close to 6000 metric tons per month on a monthly basis. So we channelize a lot of this waste across India. And this year this year we are closing at close to 9000 metric tons on a monthly basis.”
Vishnu Vardhan Jan 9, 2023 ▶ 8:27
Assertion Not checkable as stated
Vardhan: Circle X processed nearly $3M of waste in December 2022
“So December the waste volumes was close to three million dollars December, 20, 22. So that's the amount of waste that was channelized through the app just on, just in December.”
Vishnu Vardhan Jan 9, 2023 ▶ 9:23
Disclosure
Vardhan: Circle X transaction take rate ranges between 1% and 5%
“It depends on the scrap prices at the end of the day, because it's all a demand and supply game. So our percentages keep varying based on how much we can supply based on the demand. It depends from one to five percent.”
Vishnu Vardhan Jan 9, 2023 ▶ 9:49
Assertion Not checkable as stated
Vardhan: Circle X generates 60% of revenue from SaaS, 40% from transactions
“The pure play software because now we have the other softwares as well close to 60% and the remaining 40% is made up with all the transaction fees and so on.”
Vishnu Vardhan Jan 9, 2023 ▶ 11:10
Assertion Not checkable as stated
Vardhan: Circle X has grown to nearly 1,000 B2B customers
“We have close to a thousand. These are small, medium companies as well. And we are scaling that up as we speak.”
Vishnu Vardhan Jan 9, 2023 ▶ 12:31
Assertion Not checkable as stated
Vardhan: Circle X Reached $1.01 Million in Monthly Revenue in December
“So we do December we closed at 1.01 million dollars.”
Vishnu Vardhan Jan 9, 2023 ▶ 13:24
Assertion Not checkable as stated
Vardhan: Circle X grew 10x in revenue in one year
“One year ago one by 10th of this was what we were doing.”
Vishnu Vardhan Jan 9, 2023 ▶ 14:28
Disclosure
Vardhan: Circle X has raised only $250,000 in outside funding
“We raised capital, but it was a very small round, 250,000 dollars.”
Vishnu Vardhan Jan 9, 2023 ▶ 14:51
Assertion Not checkable as stated
Vardhan: Circle X currently processes approximately 0.1% of India's available waste
“So right now we are probably doing .1 percentage of the waste, which is available across India.”
Vishnu Vardhan Jan 9, 2023 ▶ 16:21
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