Acquisition project | Mudrex

Elevator Pitch - Mudrex:

Ever wondered what it would be like if you had bought a Bitcoin back in 2018? The good news is - it's not too late.
Mudrex allows you to invest and trade cryptocurrencies at your fingertips using UPI, making crypto investing as easy as grocery shopping. Trusted by over 30 Lakh users and regulated by FIU India, Mudrex promises a simple, safe and seamless way to unlock your next investment opportunity, keeping all your investments secure and 100% compliant.
Unlike other platforms, we offer instant deposits and withdrawals - not just to your bank account but also to your crypto wallets. From spot trading to futures, we have got you covered.
Start your crypto investment journey hassle-free with Mudrex today. Visit Mudrex.com to make your first crypto investment with as low as Rs 500.

The thought process behind this elevator pitch:

Defining ICPs

ICP 1 (Crypto Bros and DeFi Gurus)

This ICP consists of the native crypto ecosystem audience. Folks who know ins and outs of the ecosystem. The believers in Decentralised Finance.

ICP 2 (Traders and Arbitrage Hunters)

This ICP consists of professional traders who utilise small market movements to book profits. They are native traders who use various technical analysis strategies to predict market movement.

ICP 3 (Explorers and HODLers)

This ICP consists of new adopters and risk-averse users. These users focus on investing for long-term for potential capital gain from

Prioritising ICPs

The above defined ICPs can be prioritised as:

This analysis clearly shows that ICP 2 (Traders and Arbitrage Hunters) check all boxes when comes to prioritisation based on given parameters, followed by ICP 1 (Crypto Bros and DeFi Gurus) and ICP 3 (Explorers and HODLers) respectively. ICP 2 shows a high frequency of usage along with a high appetitie to pay, while ICP 1 also shows a high adoption rate given their presence in the ecosystem and a decent appetite to pay, with a significant TAM.

Hence, we can focus on ICP 2 and ICP 1 for our acquisition strategies.

Product Insights

Use Case and Features:

• Crypto spot trading
• Crypto Futures
• Crypto coins and coin set investments (tokens and theme based baskets)
• Withdraw/deposit to/from an external crypto wallet/platform
• Instant Deposits and Withdrawals from/to INR

Problems being solved:

• Entry barrier from fiat currencies: Easy conversions from fiat<>crypto and vice versa
• Mitigating risk and safety: Compliance with government and regulatory guidelines
• Limited Options: Different investment products across spot, futures, and theme based investing
• Settlement Delays: Instant settlement to/from fiat
• External withdraw: Ability to withdraw crypto to external wallets

Core Value Proposition - Mudrex

For investors and traders, who wants to explore crypto as a asset class, Mudrex is a one-stop investment platform that offers a quick, secure, and simple way to trade and invest cryptocurrencies in India.

Trends and Tailwinds

Current Trends:

1. Increase in crypto adoption across Tier 2 and further adoption in Tier 1 cities in India
2. Multiple major cryptocurrencies like BTC, ETC, SOL hitting all-time high, suggesting trust of community
3. More registered crypto platform coming to the market with each having unique value offerings, creating huge competition

Tailwinds:

1. FIU India monitoring strengthening across crypto service provider making the market more secure and compliant
2. Strong support to Bitcoin and overall crypto ecosystem by US President Donald Trump suggests higher
3. Security concerns including recent WazirX and Bybit hacks still spark debates regarding safety and risk

Competitors

Some of the major competitor in India include CoinDCX, Coinswitch, Zebpay, Binance P2P etc. Some of the features across these partners are:

Note: WazirX is not considered in this list given their recent security hack, which resulted in significant trust loss and reduction in market size.

Market Size

Current Stats:

Average Revenue Per User (ARPU):

Crypto platforms in India charge roughly 1% transaction fee overall.

The average trading volume per user is roughly $6000

Hence, ARPU = 6000 * 0.01 = $60/user

Potential Customers:

The estimated users in 2025 is 100M [data]

Market Sizing

Based on the above calculations,

TAM (Total Addressable Market):

TAM = ARPU X Total Users = 60 * 100M = $ 6B

SAM (Serviceable Addressable Market)

Based on the chosen ICPs, volume from Traders would constitute of around 70% [Mudrex internal data].

Hence,

SAM = 0.7 X SAM = 0.7 X 6 B = $ 4.2B

SOM (Serviceable Obtainable Market)

Assuming the top 5 crypto players in India capturing 80% of the market. The distribution can be assumed to be equally among these players.

Hence, SOM for Mudrex will be:

SOM = 0.2 X 0.8 X SAM = 0.16 X 4.2 = 0.672 B = $ 670 M

Hence, we come to

TAM: $6B

SAM: $4.2B

SOM: $670M

Total Users: 100 M

Here is a comparison of different acquisition channels based on the given parameters:

​Given Mudrex is in early scaling phase, we will focus on experimenting with new channels that can multi-fold impact, while giving limited bandwidth to continue scale existing channels which gave good results during PMF stage. Hence, the following channels can be prioritised.

1. Referral Program: Trust being a key element in crypto and fintech adoption in India, referrals through existing users can turn out to be a game changer.
2. Content Loops: With a similar logic to build trust over self-sustaining user content, this channel can help acquire users with low cost and high scale.
3. Paid Ads: Although expensive and time consuming, paid ads can help drive acquisition to masses since user education and awareness is another key aspect in crypto and fintech adoption.

While focus will be done on these three channels, continued efforts should be done in maintaining Organic channel and scale it for long-term impact.

Further, the last channel, Product Integration would not be feasible given the overall regulatory sentiment regarding crypto in India, which makes executing this channel extremely high effort, and slow. Hence, this can be deprioritised.

Content Loop - Social Portfolio

The content loop revolves around sharable trading strategies and social portfolios, using insights from successful traders. The goal is to turn professional traders into creators while giving new users access to tested strategies.

The content loop will be created in such way that experienced traders can share their strategies and portfolio insights as "Social Portfolio", attracting new and intermediate traders to engage with and adopt the platform. This loop will in turn make the customers who using other's social portfolio to create their own social portfolio and share with the next set of customers.

Breakdown

Hook

• Social Proof: Seeing successful traders and real portfolio performance stats.
• FOMO: Exclusive trading insights and high-performing strategies.
• Gamification: Leaderboards and rankings among top traders.
• Monetization Opportunity: Professional traders to be able monetize their strategies.

Creator

• Professional traders and arbitrage hunters on Mudrex.
• High-usage customers who share their social portfolio insights.

Distributor

• Primary: Mudrex platform
• Secondary: Twitter , Instagram

Audience

Creators:

• Who? Professional traders and arbitrage hunters. (ICP identified earlier)
• What do they do? Develop trading strategies and patterns.
• Where do they engage? Primarily within trading communities and on social media like Twitter and Instagram.
• Why would they create content? Get recognition, and monetize their strategies.

Consumers:

• Who? Beginner and intermediate traders.
• What do they do? Seek profitable strategies, insights, and guidance.
• Where do they engage? Same communities.
• Why would they consume? Enhance their trading skills to make profits

Content Format

Trading strategies and portfolio insights over the platform

• Strategy breakdowns (performance stats, risk metrics, historical returns)
• Social portfolio (asset allocation, P&L overview)
• Copy trade a Social Portfolio

External Distribution Format:

• Image (showing key portfolio stats) + Short form text about creator and portfolio + Link to Mudrex strategy page.

Distribution Strategy

Primary Distribution Platform: Mudrex Platform

• The content will be hosted and consumed on Mudrex to ensure platform engagement.
• Users will explore social portfolios and trading strategies directly within the platform.

Secondary Distribution Platforms: Twitter and Instagram

• Why Twitter?
• • Crypto communities are highly active on Twitter.
  • Easy sharing of trading insights through short-form content.
• Why Instagram?
• • Engaging visual content appeals to a broader audience.
  • Widely used by influencers, easy sharing platform for existing trading influencers
• Sharing Mechanism:
• • Creators share their portfolio snapshots containing key statistics
  • Posts include a CTA link directing users to Mudrex

Overall Flow

1. Professional traders create and share strategies - Content published on Mudrex
2. Mudrex generates engaging social portfolio insights - Exported as shareable images
3. Content Discovery:
4. 1. User discover social portfolios from leaderboard/investment pages -
   2. Traders post on Social media
5. Users click on shared links → Land on Mudrex to view full strategy details
6. Some users adopt strategies & start creating their own social portfolio - Creating a loop

CAC : LTV

To estimate CAC, we will assume:

1. Ad Costs (CPM & CPC)
2. 1. Twitter (X) Ads: $5 - $10 CPM, $0.50 - $2 CPC
   2. Meta (Instagram) Ads: $3 - $7 CPM, $0.30 - $1.50 CPC
3. Click-Through Rate (CTR)
4. 1. Twitter: 0.5% - 1%
   2. Meta: 1% - 3%
5. Conversion Rate
6. 1. General benchmark for fintech/crypto platforms: 3% - 8%
   2. Assuming 5% conversion from sign-ups to active traders

Using this data,

Twitter CAC Calculation

• Assume $7 CPM (Cost per 1,000 impressions)
• Assume 1% CTR → 10 clicks per 1,000 impressions
• Assume $1.5 CPC (Cost per Click)
• Assume 5% Sign-up to conversion

Twitter CAC = ~$30 per active trader

Meta CAC Calculation

• Assume $5 CPM
• Assume 2% CTR → 20 clicks per 1,000 impressions
• Assume $1 CPC
• Assume 5% Sign-up to conversion

Meta CAC = ~$20 per active trader

Blended CAC from both platforms will be around $25

Based on our earlier calculation during Market Sizing, LTV of a user = $60

Hence,

CAC: LTV would be 0.42 which is okay, but not great according to industry standards.

ICP

The ICP here would be Professional Traders and Arbitrage Hunters, as described in the ICP section. The key goals for this ICP include:

• Capitalise on crypto volatility with instant buy/sell execution
• Instant trade settlements without delays
• Access to more advanced trading products & tools

Advertising Channels

Primary Channel: Twitter

• High engagement from crypto traders
• Community-driven discussions

Secondary Channel: Meta (Instagram)

• Strong engagement with financial content & influencer marketing

• Best for visual storytelling

PMF Alignment

The current ICP includes professional traders who trade very frequently in the market and hence have a high usage frequency. Since traders generate high LTV due to frequent transactions, our focus is on acquiring high-intent traders who will be responsible for majority volume on the platform.

Creative Strategy

Marketing Pitch

Core Pitch:

“Crypto moves fast. Your trades should too! Get instant INR deposits & withdrawals – trade without delays! Whether you’re into spot trading for quick fortune or futures for bold bets, we have got you covered - all in a few taps.”

Generalised Pitch (to take into account other ICPs as well):

"Buying crypto should be as easy as buying groceries! No waiting, no delays - just instant INR deposits, withdrawals, and seamless trades in a few taps."

Value addition for ICPs:

• Instant INR Deposits & Withdrawals
• Faster Buy/Sell Execution – No Settlement Delays
• Access multiple trading products - Spot and Futures

Ad Creatives

Ad Creative 1 (Twitter Image Post)

• Headline: “Tired of delayed Crypto Deposits?”

• Visual:

• CTA: “Trade Without Delays! [Sign Up]”

Ad Creative 2 (Instagram Reel)

• Hook (First 3 sec): “Frustrated with slow deposits & trade settlements for your crypto trading?”

• Problem: Show a trader missing a price jump due to delayed deposit

• Solution: Cut to fast deposits on Mudrex → Trade instantly

• CTA: “Get started with Crypto Trading in seconds!”

Customer Touch points

Referral prompts should appear at the following engagement points:

1. After successful transactions – UPI deposits, withdrawals, crypto deposits, and withdrawals
2. After a successful trade/investment – On both buy and sell actions
3. Portfolio Page – Encouraging users to refer based on their portfolio performance
4. Wallet Page – Highlighting realised earnings and potential referral rewards
5. Referral Tracking Page – Encouraging continued referrals with milestone progress

Brag-Worthy Elements

The referral program should emphasise features that differentiate Mudrex in the market:

1. Instant UPI Deposit – Fast and seamless INR deposits
2. Instant INR Withdrawal – Immediate access to funds
3. Crypto Withdrawals to External Platforms – Enabling seamless movement of assets
4. Ability to Earn via Social Portfolio – Highlighting passive earning potential (covered in the content loop)

Platform Currency

For Referee:

1. Free USDT Bonus on the first investment (Welcome Bonus)

For Referrer:

1. No Trading Fee/Transaction Fee for X transactions
2. Free USDT Bonus per referral signup (usable only for in-app trading, no external crypto withdraw)

Milestone Currencies:

1. Free access to premium membership (Alpha Membership) for X months
2. Double rewards for X new referrals after completing Y referrals

Who to Ask for a Referral

These types of users can be asked for a referral given a happy experience:

1. Users who completed a successful deposit/withdrawal
2. Users who successfully booked a trade (only if PnL is positive)
3. Users reaching a certain AUM threshold (>1000 USD)
4. Users who realised earnings from social portfolios
5. Users with portfolio appreciation (even unrealised)
6. Users hitting referral milestones and rewards

Referral Discovery Mechanisms

1. In-app banners & popups (Mobile and Web).
2. Push notifications (Mobile).

Referral Sharing Methods:

1. Direct link-based referral (no voucher codes).
2. Referral message customized based on trigger event:
3. • Successful instant deposit/withdrawal.
     "UPI deposits & withdrawals on Mudrex are super instant. Try it out using my referral and you can make your first investment free. {link}"
     
   • Profit booking (with stats)
     "Booked {X}% profit on Mudrex through crypto trading. You should definitely try it. First investment is free. {link}"
     
   • AUM milestone (with stats)
     "My portfolio just grew {X}%. If you’re into crypto, you’ve got to try Mudrex. Your first investment is free when you sign up. {link}"
     
   • Realised social earnings (with stats)
     "Just made ₹{X} by sharing my portfolio. Literally making money while trading. You should try it. Your first investment is free using my referral. {link}"
     
   • Generalised
     "I’ve been using Mudrex, and it’s awesome for crypto trading. Check it out. They are allowing first trade for free. {link}"

Kept the copy very short and to the point, to avoid it sounding like a computer generated referral message. It shows human touch and conversational tone.

Sharing Platforms:

Mobile:

1. Telegram – Most used platform by crypto communities
2. Twitter – Highly used by the crypto audience
3. WhatsApp – Wide adoption in India
4. Others

Web:

1. Twitter – More accessible on web
2. Others

Tracking

1. Track number of referrals + Show milestone rewards in a timeline view
2. Track pending bonus (to be unlocked) by displaying pending referrals, nudging users to refer more
3. Total earned rewards summary

Suggestive Layout:

New User Landing Page

1. Clear communication: "Make your first free investment today."
2. Step-by-step sign-in process in a timeline view to illustrate how to unlock the AHA moment
3. Simple and decluttered design to enhance conversion

Suggestive Layout:

Encouraging Continuous Referrals

1. Milestone-based rewards to incentivize ongoing referrals
2. 1. Free access to premium membership (Alpha Membership) for X months.
   2. Double rewards for X new referrals after completing Y referrals.

2. Pending Referrals value projection
3. 1. Showing the potential of pending referrals to nudge for more referrals
      "Unlock USDT worth $xyx"