Acquisition project | Lifepay.in

What our Company does

We enable Small Retailers, Dairy Farmers, and Gig Workers who earn money on a daily basis to discover and invest small amounts every day, starting from INR 100 in the guaranteed returns (up to 8.5% pa) Recurring Deposits (RD), without the need for a Bank Account and Internet Banking facility.
We offer secured, low-interest Sachet loans to Small Retailers, Dairy Farmers, and Gig workers to prevent them from dipping into their savings.
- Loan against RDs
- Loan against LIC Policy
Using the Lifepay App's daily saving feature you can save for all your life goals like Emergency Fund, Children's College Education, Buying a house, etc. Also, if you use your savings on the Lifepay app to make your dream purchase you will get a 10%-25% discount.

People who earn daily can save as low as INR 100 in guaranteed return Recurring Deposits without needing a Bank Account or Internet Banking facilities with a particular RD provider. In case of emergency, users can take secured sachet loans on their RDs at low interest rates without breaking RDs.

Product Features

Goal-oriented micro-savings starting at INR 100.
Flexible saving intervals: Daily, Weekly, or Monthly.
Ability to discover, compare across banks, and open RDs easily from home.
Features include easy withdrawals, RD lock-in, flexi, and fixed RD choices.
Options for both short-term and long-term savings.
Unified dashboard for all RDs, with reminders and auto-debit for installments.
Supports multiple payment methods(UPI, Card).
Supports vernacular languages.
Secured Loan/Credit Card.
Discount on Brand Purchases for RD Customers.

Product Demo

Understanding Our Users

ICP Table

Criteria	ICP 1	ICP 2	ICP 3	ICP 4
Name	Arun	Rani	Dharmendra	Rama
Age	25-35	25-35	25-45	30-45
Demographics	Gender: Male Income Level: INR 20K - 50K Education Level: 10th to Bachelor's degree Occupation: Gig Worker Industry Sectors: Cab Service (Ola & Uber), Food Delivery (Swiggy & Zomato), Auto services etc. Marital Status: Married Family Size: 3-8 people in the household Geographic Location: Metro Cities Hometown: Tier 3-4 towns Ethnicity: Diverse cultural backgrounds, bilingual Life Stage: Parent Vehicle Ownership: Private Transport	Gender: Female Income Level: INR 30K - 50K Education Level: Bachelor's degree Occupation: Private Job Industry Sectors: IT or Education Marital Status: Married Family Size: 3-8 people in the household Geographic Location: Metro and Tier-1,2 Cities Hometown: Tier 3-4 towns Ethnicity: Diverse cultural backgrounds, bilingual Life Stage: Parent Vehicle Ownership: Uses Public Transport	Gender: Male Income Level: INR 25K - 60K Education Level: 10th to Bachelor's degree Occupation: Retailer/Merchant Industry Sectors: Retail Marital Status: Married Family Size: 3-8 people in the household Geographic Location: Tier-1,2,3,4 Towns Hometown: Tier-1,2,3,4 Towns Ethnicity: Diverse cultural backgrounds, bilingual Life Stage: Parent Vehicle Ownership: Private Transport	Gender: Female Income Level: INR 15K - 30K Education Level: 5th to 10th Occupation: Dairy Farmer Industry Sectors: Dairy Marital Status: Married Family Size: 3-8 people in the household Geographic Location: Tier-3,4 Towns Hometown: Tier-3,4 Towns Ethnicity: Diverse cultural backgrounds, bilingual Life Stage: Parent Vehicle Ownership: Private Transport
Need	He wants to save money daily. He wants to save in risk-free investment instruments. He only wants to save with Govt. institutes like Banks, Post Offices, and LIC.	She wants to save money monthly. She wants to save in risk-free investment instruments.	He wants to save money daily He wants to save in risk-free investment instruments	She wants to save money daily. She only wants to save with Govt. institutes like Banks, Post Offices, and LIC.
Pain Point	He earns and spends on a daily basis and is left with minimal funds after meeting all the expenditures, which leads to little or no savings. He is not able to save small amounts. He saved in a Ponzi scheme and lost his savings He is not able to operate Internet Banking to save money. The saving options he is aware of are long-term like LIC Policy and Post Office RD min. 5 years. He needs to visit Banks to open an RD.	Low return on Bank Saving Account Need to visit the Bank to activate Internet Banking. Also Saving through Bank Internet Banking is complex She wants to invest in Mutual Funds and Stocks but does not understand these investment instruments.	He earns and spends on a daily basis and is left with minimal funds after meeting all the expenditures, which leads to little or no savings. He is not able to save small amounts. He saved with the Sahara scheme and lost his savings The saving options he is aware of are long-term like LIC Policy and Post Office RD min. 5 years.	She earns and spends on a weekly basis and is left with minimal funds after meeting all the expenditures, which leads to little or no savings. She is not able to save small amounts. She saved with a Chit Fund but someone defrauded and she lost her savings.
Behaviour	Blockers and Influencers to the Product: Lack of Trust in Apps for Savings Benefits Sought: Daily digital Micro-Savings Engagement Level: Active on FB, Instagram, Sharechat, WhatsApp and YouTube Technology Adoption: Late adopters Money Behavior: Keep money in the form of cash or in a Bank Savings account. Digital Payments: Well-versed with Digital Payments Payments App: Phonepe and PayTM Psychographic Factors: He doesn't trust anyone with his money besides Banks, LIC, Post Office, family and friends	Blockers and Influencers to the Product: Lack of understanding of investment instruments Benefits Sought: Monthly digital Micro-Savings Engagement Level: Active on FB, Instagram, TikTok and YouTube Technology Adoption: Early adopters Digital Payments: Well-versed with Digital Payments Payments App: Phonepe, GooglePay and PayTM Money Behavior: Keep money in a Bank Savings account or invest in LIC policies. Psychographic Factors: She only invests with the recommendation of family and friends	Blockers and Influencers to the Product: Lack of Trust in Apps for Savings Benefits Sought: Daily Micro-Savings Engagement Level: Active on WhatsApp and YouTube Technology Adoption: Late Adopter Digital Payments: Collects Payment Digitally by QR Codes Payments App: Phonepe, GooglePay and PayTM Money Behavior: Keep money in a Bank Savings account or invest in LIC policies. Psychographic Factors: He only invests with the recommendation of family, friends or someone from his locality	Blockers and Influencers to the Product: Lack of Trust in Apps for Savings Benefits Sought: Weekly Micro-Savings Engagement Level: Active on WhatsApp and YouTube Technology Adoption: Late Adopter Digital Payments: She doesn't use Payment Apps Payments App: NA Money Behavior: Keep money in the form of cash or in a Bank Savings account. Psychographic Factors: She doesn't trust anyone with her money besides Govt. Banks.
Perceived Value of Brand	Low	Moderate	Low	Low
Marketing Pitch	Save Daily in Guaranteed Return Recurring Deposits	Save Monthly in Guaranteed High Return Recurring Deposits	Save Daily in Guaranteed Return Recurring Deposits	Save Weekly in Guaranteed Return Recurring Deposits
Existing Solutions	Chit Funds and Physical Opening of a Bank RD	Savings Account and LIC Policy	Post Office RDs, Pigme Schemes, LIC policy and Bank Savings Account	Post Office RDs, Pigme Schemes, LIC policy and Bank Savings Account
Goals	He wants to purchase a new vehicle or start his own business He wants to save for children's education He wants to save for health emergencies	She wants to buy a new house She wants to save for children's education He wants to save for health emergencies	He wants to buy a new property He wants to marry his children	She wants to buy a new cattle. She wants to marry her children.
Frequency of use case	Daily	Monthly	Daily	Weekly
Average Savings on the Product	INR 100-500	INR 3000-5000	INR 200-1000	INR 100-300

ICP Prioritization

Criteria	Adoption Rate	Appetite to Pay	Frequency of Use Case	Distribution Potential	TAM
ICP 1	High	Low	High	High	8Mn
ICP 2	Low	Moderate	Low	High	10Mn
ICP 3	Moderate	High	High	Moderate	20Mn
ICP 4	Low	Low	Moderate	Low	50Mn

From the ICP Prioritization Framework, we can see that ICP 1 and ICP 3 can be focused upon since the Appetite to Pay, Frequency of use case is high and the users have a good use case of the product!

Now when we dig deeper into fleshing out the strategies for acquisition we will target them towards ICP 1 and ICP 3.

Understanding the Market

Lifepay is a new product in the new category. One of the first few companies to launch Daily Micro-Savings in the Digital RDs.

Competitor Analysis

Factors	Blance (Pivoted)	Jar
What is the core problem being solved by them?	Solving the problem of making big purchases with the Save Now Buy Later concept	Solving the problem of buying gold with a small amount of money
What are the products/features/services being offered?	Micro-Savings in P2P NBFC Recurring Deposits, Save Now Buy Later with Brand Discounts and Anytime No cost withdrawals	Micro-Savings in Digital Gold and Saving with Expenses Round-off
Who are the users?	Millennials	Millennials
GTM Strategy	Product-led motion with Founder-led outreach via Educational Podcasts	Product-led motion
What channels do they use?	YouTube and Partner Program	Paid Marketing and Referrals
What returns do they offer?	10% P.A return on RDs (Not Guaranteed)	Digital Gold
How have they raised funding?	Angel Round	$62Mn
Brand Positioning	Save Now Buy Later App	Micro-Saving in Digital Gold
UX Evaluation	Easy and Smooth UI/UX	Easy and Smooth UI/UX
What is your product’s Right to Win?	Daily Savings in the guaranteed return Bank Recurring Deposits	Daily Savings in the guaranteed return Bank Recurring Deposits
What can you learn from them?	Brand Discount on Purchases via Save Now Buy Later	Low CAC Distribution

Market Size

Total Addressable Market (TAM) →

Total Amount of Annual Bank and Post Office Deposits	$800Bn
Lifepay Margin on RD	0.5% - 1%
TAM (If we can get all this money into RDs)	$4Bn - $8Bn

Serviceable Addressable Market (SAM) →

Target Segment	No. of Customers	Geographical Presence	Avg. Income	Avg. Household Saving Rate	Lifepay’s Commission
Middle-Income Individuals	400Mn	Tier - 1,2,3,4,5 Cities	$2500	~10%	0.5%-1%
SAM	~$1Bn

Serviceable Obtainable Market (SOM) →

Target Group	No. of Customers	Geographical Presence	Avg. Income	Avg. Household Saving Rate	Lifepay’s Commission	SOM
Retailers	20Mn	Tier - 1,2,3 Cities	$4500 per Annum	~10%	Deposits → 0.5% - 1%	Deposits → $63Mn - $126Mn
Gig Workers	8Mn	Metro, Tier - 1, 2 cities
Total Users	28Mn
Total SOM	~$63Mn - $126Mn

Acquisition Plan

Stage of the Company

Lifepay is a Pre-PMF company and all the acquisition strategies are planned accordingly.

Acquisition Objective

Our Objective is to understand Users and our Problem-Solution fit. So, our Acquisition channels should be:

1. Chepear
2. Faster
3. Feedback driven

Acquisition Channel Selection

ICP	Channel Name	Cost	Flexibility	Effort	Speed	Feedback
Gig Economy Workers	Physical Outreach Mobile Kiosk in Restaurant Hubs Mobile Kiosk in Airport Parking	Low	High	High	High	High
B2B Partnerships (With Employers)	Low	Low	Moderate	Low	Low
Ambassador Program (Commission based)	Low	Moderate	Low	Moderate	Moderate
Retailers	Physical Outreach Mobile Kiosks in Market Areas	Low	High	High	High	High
Ambassador Program (Commission Based)	Low	Moderate	Low	Moderate	Moderate

From the Acquisition Channel Selection Framework, we can say that Physical Outreach and Partner Programs are good options for acquiring users in a cheaper, faster, and more feedback-driven way.

Acquisition Channel Implementation

We will focus on one Tier-1 city for the implementation. Let's say we pilot in Gurgaon.

Experiment 1 - Setup Mobile Kiosks

Gig Economy Workers → Food Delivery Executives Acquisition

Hypothesis: We need to onboard Delivery Executives from areas where they spend most of their time. As Delivery Executives are assigned food orders as per their distance from restaurants, they always try to wait in Restaurant Hubs for orders near Restaurant Hubs. So, we will plan our acquisition drives there.

Gig Economy Workers → Cab Service Executives Acquisition

Hypothesis: We need to onboard Cab Service Executives from areas where they spend most of their time. As Cab Service Executives are assigned Trips as per their distance from the travellers, they always try to wait in areas where the chances of a Trip being assigned are higher such as Airports or Market Areas. So, we will plan our acquisition drives there.

Retailers →

Hypothesis: We need to onboard Retailers from areas where they have their shops. As most of the city shops are in the market areas. So, we will plan our acquisition drives there.

Experiment 2 - Ambassador Program

Hypothesis: As our market is a trust deficit market so, to make initial inroads in the market we have to onboard local influencers from our users' localities to gain their trust to use our product.

Gig Economy Workers → Food Delivery Executives Acquisition

Gig Economy Workers → Cab Service Executives Acquisition

Retailers →

Experiment 3 - Door-to-Door Acquisition

Hypothesis: As our market is a trust deficit market so, to make initial inroads in the market we have to use local Marketing Agents from our users' localities to onboard them. Our users associate more with the Marketing Agents from their own areas.

Retailers →