10.3 Scenario C — ₹30 Cr own + ₹300 Cr co-lent
- Own AUM (avg):
₹30 Cr. - Co-lent partner AUM (avg):
₹300 Cr(across3 – 4partners at80:20). - Total live AUM:
~₹330 Cr. - Annual disbursement:
~₹1,320 Cr.
Revenue lines
Section titled “Revenue lines”| Line | Annual ₹ |
|---|---|
Interest on own share (19% × ₹30 Cr) | ₹5.70 Cr |
Processing fee on own disbursals (1.5% × ₹120 Cr) | ₹1.80 Cr |
Processing fee on partner share (1.0% × ₹1,200 Cr) | ₹12.00 Cr |
Servicing fee from partners (1.0% × ₹300 Cr) | ₹3.00 Cr |
Servicing on own line (0.25% × ₹30 Cr) | ₹0.075 Cr |
| Penal / other | ₹0.20 Cr |
| Gross revenue | ₹22.78 Cr |
Cost lines
Section titled “Cost lines”| Line | Annual ₹ |
|---|---|
Cost of funds (₹20 Cr × 12.5%; assume cost-of-funds reduces slightly to ~11% at this scale) | ₹2.20 Cr |
Operating cost (2.5% × ₹330 Cr; ratio improves with scale) | ₹8.25 Cr |
Tech + vendor cost (0.6% × ₹330 Cr) | ₹1.98 Cr |
| DSA / channel payout | ₹3.00 Cr |
| Total operating cost | ₹15.43 Cr |
Credit cost own share (2.5% × ₹30 Cr) | ₹0.75 Cr |
| DLG instrument funding cost (across pools) | ₹1.50 Cr |
| Total cost | ₹17.68 Cr |
Profit
Section titled “Profit”| Line | Annual ₹ |
|---|---|
| Gross revenue | ₹22.78 Cr |
| Less: total cost | ₹17.68 Cr |
| Pre-tax profit | ₹5.10 Cr |
Tax (25%) | ₹1.28 Cr |
| Net profit | ₹3.82 Cr |
Ratios
Section titled “Ratios”| Ratio | Value |
|---|---|
| Gross revenue / total AUM | ~6.9% |
| Pre-tax profit / total AUM | ~1.5% |
| Pre-tax profit / own equity (~₹15 – 20 Cr by now) | ~25 – 34% |
| Cost-income ratio | ~68% |
Comparison across scenarios
Section titled “Comparison across scenarios”| Metric | A | B | C |
|---|---|---|---|
| Total AUM | ₹30 Cr | ₹100 Cr | ₹330 Cr |
| Gross revenue | ₹7.7 Cr | ₹11.2 Cr | ₹22.8 Cr |
| Pre-tax profit | ₹2.3 Cr | ₹2.4 Cr | ₹5.1 Cr |
| Headcount | ~25 | ~60 | ~150 |
| Engineering / vendor cost | ₹0.5 Cr | ₹0.8 Cr | ₹2.0 Cr |
| Own equity used | ~₹10 Cr | ~₹10 Cr | ~₹15 – 20 Cr |
| ROE | ~23% | ~24% | ~25 – 34% |
What this shows
Section titled “What this shows”- The fee P&L scales with disbursement, not own equity. From B to C, disbursement scales
~3.3×; fee revenue scales similarly; own equity scales only ~1.5 – 2×. - Operating leverage — cost-income ratio improves from
78%(B) to68%(C). - The break-even point is around
₹150 – 200 Crblended AUM — below that, fixed costs dominate; above that, fees dominate. - ROE meaningfully expands once the model scales — co-lending is the strategic lever.
Sensitivity
Section titled “Sensitivity”See 10.4 Sensitivity.
What can go wrong at this scale
Section titled “What can go wrong at this scale”- Multi-partner reconciliation breakdowns — one partner with sustained recon disputes can paralyse a quarter.
- Concentration on one large anchor / partner / channel — single failure points become material at
₹300 Cr+. - NPA pile-up without proportional collections capacity → real losses.
- Talent gap —
150people without strong operational management is chaos.
Conclusion
Section titled “Conclusion”Scenario C is the target operating shape for year 3. It generates real profits, supports a credible team, and creates options for productisation. The path from B → C is ~18 months of disciplined execution.