| Month | Headline | Phase |
|---|
| 1 | Licence + leadership + vendor shortlist | Phase 0 |
| 2 | Architecture + integrations sandboxes | Phase 0 → 1 |
| 3 | First live disbursement (friendly) | Phase 1 start |
| 4 | Scaling to ~20 – 30 disbursals; soft launch | Phase 1 |
| 5 | ~50 – 100 disbursals; ops discipline tested | Phase 1 |
| 6 | ~150 – 250 disbursals cum; book at ~₹5 – 10 Cr | Phase 1 |
| 7 | Refine credit policy basis early cohorts; second segment / city | Phase 1 |
| 8 | Book at ~₹15 – 20 Cr; co-lending partner negotiations active | Phase 1 → 2 |
| 9 | Co-lending integration started | Phase 2 start |
| 10 | First co-lent loan; pilot ramp | Phase 2 |
| 11 | Co-lending stable; book at ~₹25 – 30 Cr own + first co-lent | Phase 2 |
| 12 | Book at ~₹50 – 70 Cr total (own + co-lent); year-end review | Phase 2 end |
- Total book:
₹50 – 80 Cr (~₹25 – 30 Cr own + ₹25 – 50 Cr co-lent).
- Disbursements:
~₹200 – 350 Cr annual run-rate.
- Active borrowers:
~150 – 250.
- Repeat rate:
~25 – 35% of disbursals to repeat borrowers.
- First-loan default rate:
< 2.5% (90 DPD within 6 months).
- Cost-income ratio:
~85 – 90% (still ramp phase).
- Team:
~30 – 45 people.
- Month 3: first live disbursement.
- Month 6:
100+ borrowers; one co-lending partner term-sheet signed.
- Month 9: first co-lent loan.
- Month 12: stable Phase-2 operations; planning Phase 3.
| Quarter | Use of funds (approx) |
|---|
| Q1 | Team + licence + vendor sandboxes + minimal book funding (~₹3 – 5 Cr) |
| Q2 | Team scaling + first book deployment (~₹3 – 5 Cr) |
| Q3 | Co-lending integration + book ramp (~₹3 – 6 Cr) |
| Q4 | Optimisation + Phase 3 prep (~₹3 – 5 Cr) |
Total year-1 burn (ex book funding): ~₹12 – 20 Cr.
- If by month 9: <
₹15 Cr own book and no signed co-lending term-sheet → pivot the wedge or operating model.
- If by month 12: first-loan default
> 5% → pause growth, tighten credit, restructure.
- If by month 12: cost-income >
100% → review hiring / wedge / pricing.
- Phase 3 + 4: SaaS / LSP portal + advanced underwriting.
- Target book by month 24:
₹150 – 250 Cr.
- Second co-lending partner.
- ML scorecard in champion-challenger.
- First external SaaS customer evaluation.
- Phases 5 + 6: portfolio intelligence + multi-partner.
- Target book:
₹350 – 600 Cr.
3+ co-lending partners.- First productised SaaS customer.
- Discussion of next-product expansion (LAP / equipment / SCF deeper).