Module 1
LiveThe Economics of a Lending Business
Deconstructing the ROA tree, the "Valley of Death" in minimum viable scale, and the capital structure leverage of LSPs vs. NBFCs.
Read Now →
Lending 101
Module 1 — Live Now
System Blueprints.
Working notes on credit strategy, behavioral economics, and system design — specifically the actual plumbing of financial products and systems where capital constraints, incentive structures, and human behavior collide.
A living repository of working notes for operators, investors, and builders who want to understand how lending businesses actually work.
✧ ✧ ✧
Now Publishing — Lending 101
View Series →Series Overview
A comprehensive, operator-led deconstruction of how lending businesses actually work.
Written with the top-down lens of an allocator and the ground-level perspective of an operator. A focus on the economic math, the operational bottlenecks, and the counterintuitive elements involved in building and scaling credit products in India.
Start with Module 1Module 2
ForthcomingThe Three Pillars
Why lending is about buying risk, not selling loans. Mapping sourcing bias, the approval vs. NPA trade-off, and collections as the final arbiter of underwriting quality.
Module 3
ForthcomingBuilding New Categories & Finding Alpha
Case studies in category creation and why true alpha requires a structural advantage in distribution, risk, or collections — not just a better product.
Module 4
ForthcomingPortfolio Monitoring & The Devil in the Detail
Cohort-based roll rate forecasting, seasoning curves, and the architecture of a world-class Business Finance function.
The Approach
01 — Lens
Operator-Led,
Allocator-Framed
Built from 15 years inside lending businesses — as analyst, investor, and operator. Not theoretical frameworks. Working notes from someone who has lived the trade-offs, navigated the constraints, and felt the weight of decisions at scale.
02 — Format
Modules,
Not Hot Takes
Each module is a structured deconstruction of how financial systems actually work — the economic math, the operational bottlenecks, and the counterintuitive elements that textbooks and newsletters skip. Dense by design.
03 — Audience
For Builders
& Allocators
Written for operators scaling credit books, investors underwriting lending businesses, and builders designing financial products. For those who want to understand the plumbing — not just the narrative.
About
Aditi Gupta
Fifteen years navigating the financial ecosystem from three distinct vantage points: as a credit risk analyst during the Basel II-to-III transition; as an early-stage investor advising fintechs across education & EV financing, banking as a service, and export finance; and as an operator navigating hyper-growth in unsecured lending from almost ₹2,000 Cr to ₹18,000 Cr in AUM.
Currently building Debitum Cube, a Credit-as-a-Service platform which provides the tech and ops stack for lending to origination partners. Over time, the aim is to take selective risk participation and build a discerning, financial asset quality-backed debt platform in India.
Stay in the Loop
New
Modules.
First to Read.
New modules publish iteratively. Leave your email and I'll notify you directly — no newsletters, just a note when something new is live.
✧ ✧ ✧
Or reach out directly
aditi@debitumcube.com