Last Agency
• fintech
KACHRACAPITAL

kachra capital.

Taking Kachra Capital from 1,400 to 38,000 monthly funded users without raising blended CAC

The Build | The Run | The Handoff

KACHRACAPITAL
status

9 months standalone

what was bleeding

Kachra is a working-capital lender for kirana stores. They had 1,400 monthly funded merchants, a thin onboarding funnel, and a paid spend split across three vendors who didn't talk to each other. Nobody owned the number.

months 0–3

the build

Months 0-3 we collapsed the three vendors into one account structure we ran. We rebuilt the application flow with their product team — four screens became two, drop-off fell from 71% to 38%. We hired a growth analyst inside Kachra in month two.

months 3–12

the run

Months 3-12 we scaled monthly funded merchants past 38,000 while keeping blended CAC flat at ₹740. We added vernacular creative — nine languages, tested in cohorts of three — and built a referral mechanic inside the merchant app that now drives 22% of new applications.

mid-chapter — the numbers
Monthly funded merchants grew from 1,400 to 38,000Monthly funded merchants grew from 1,400 to 38,000

Monthly funded merchants grew from 1,400 to 38,000

months 12–15

the handoff

Vikram, the growth analyst, was running the weekly numbers review by month ten. Months 12-15 we transitioned creative briefs to an in-house designer and the media buying to Vikram's now two-person team. We watched. We didn't touch.

months 15–18

the exit

We stopped invoicing in October. The referral mechanic shipped a v2 in January without us. Vikram is now Director of Growth. The Slack channel we kept open has eleven messages in five months, mostly memes.

what vikram said

What Vikram Subramanian said

The pitch they made me was the one I didn't want to hear: hire us for fourteen months, we'll build the function, train your hire, and disappear. I'd just paid an agency for two years to do thirty percent of that. We started in March. By month ten my growth analyst was running the show and they were just nodding from the back of the room. They literally trained us to fire them — wrote the playbook, ran the dry runs, and then left. The weirdest part is how much I respect them for it.
Founder avatar: VSVS
Vikram SubramanianCo-founder · Kachra Capital · Bengaluru
results, not prophecies

the numbers that stopped moving when we left.

  • ROAS3.1x on app-install spend (from 1.4x)
  • CAC reductionFlat CAC at 27x merchant volume
  • revenue scale1,400 → 38,000 monthly funded merchants
  • time to in-house13 months

more graduates.

• the offer

same shape engagement. your name in this slot next.

Twelve to eighteen months. Fixed scope. We build the function, run it, train your hire, hand over the playbook. Then we're gone.

tell us what's bleedingback to the work