✓ Case Study · Performance Marketing
★ #1 Crypto Derivatives Exchange in India
★ #1 Crypto Derivatives Exchange in India
Transforming Attribution & Scaling Paid User Acquisition Across Channels
How India’s leading cryptocurrency derivatives exchange turned a fragmented measurement problem into a competitive advantage — from Appsflyer implementation to multi-channel, multi-market growth.
₹1.29CrTwitter Spend Jun–Sep ’25
10,524App Installs (Twitter)
1,400+Monthly Affiliate Traders
50+Affiliate Partners
7New Channels Unlocked
Client Profile
India’s #1 Cryptocurrency Derivatives Exchange
Crypto Derivatives
India Market Leader
Oct 2024 – Sep 2025
★ Ranked #1 in India
India Market Leader
Oct 2024 – Sep 2025
★ Ranked #1 in India
Journey Overview
From Fragmented Tracking to Scalable Growth
A 12-month transformation across three distinct phases — building the foundation, restructuring for scale, and expanding into new markets.
From Fragmented Tracking to Scalable Growth
A 12-month transformation across three distinct phases — building the foundation, restructuring for scale, and expanding into new markets.
Oct 2024Paid Acquisition Launch
Scaling begins across Meta, Twitter (X), and affiliate networks. High ambition, but tracking infrastructure not equipped for accurate attribution or funnel-level reporting.
Nov 2024Twitter Campaigns Go Live
Twitter campaigns launched generating traffic and engagement; limited attribution meant user quality and downstream conversion remained opaque.
Feb 2025Appsflyer Implementation — The Turning Point
Single source of truth established. Full-funnel visibility from installs → registrations → KYC → FTDs → First Trades.
Mar 2025Meta Migration to App Campaigns
Meta fully restructured to app-focused campaigns. CPI stabilizes between ₹60–₹93. Cost per FTD ranges ₹1,689–₹4,267.
Jun 2025Strategic Consolidation
Affiliate campaigns paused. Twitter pivots to platform-level optimization. Focus consolidates on channels with stronger measurement controls.
Sep 2025Partnership Expansion & New Horizons
Scope expanded to Telegram, Reddit, TikTok, Google, influencer programs, and international market initiatives.
The Challenge
Three Critical Gaps in the Measurement Ecosystem
Without a unified attribution framework, the marketing ecosystem faced compounding problems that made scaling decisions unreliable.
Three Critical Gaps in the Measurement Ecosystem
Without a unified attribution framework, the marketing ecosystem faced compounding problems that made scaling decisions unreliable.
📊
Meta: Invisible Performance
Campaigns ran across fragmented web and app journeys. CPI, CPA, and downstream metrics could not be validated — optimization was guesswork, not data-driven.
🐦
Twitter: Attribution Black Hole
Platform-level metrics existed, but proving actual business impact — user quality, registration rates, trading activity — was impossible without proper attribution.
🤝
Affiliate: Conflicting Reports
50+ partners drove 1,200–1,400 monthly traders, but multiple platforms generated conflicting results. High volume, zero confidence in the numbers.
Root Cause
Limited visibility into the complete user journey
Inconsistent reporting across channels
No ability to optimize toward actual business outcomes
The Solution
Appsflyer Implementation: One Source of Truth
February 2025 was the turning point. With Appsflyer, every stage of the user lifecycle became measurable and actionable.
Appsflyer Implementation: One Source of Truth
February 2025 was the turning point. With Appsflyer, every stage of the user lifecycle became measurable and actionable.
Tracked Funnel Events
App Installs
100%
Registrations
20–45%
KYC Completed
~30%
First-Time Deposits
12–20%
First Trades
5–10%
Channel Deep-Dive · Meta
Meta: From Guesswork to Growth Engine
Post-Appsflyer, Meta campaigns delivered unprecedented funnel clarity. App-focused restructuring in March 2025 unlocked scalable, measurable performance.
Meta: From Guesswork to Growth Engine
Post-Appsflyer, Meta campaigns delivered unprecedented funnel clarity. App-focused restructuring in March 2025 unlocked scalable, measurable performance.
₹60–₹93CPI Range Mar–May ’25Stabilized
₹1,689Best Cost per FTDEfficient
₹4,267Highest Cost per FTD
45%Peak Install-to-Reg RateStrong CVR
20%Peak Reg-to-Purchase CVRHigh quality
Meta CPI Trend — Pre vs Post Appsflyer
Cost per Install (₹) — Pre-Appsflyer estimated vs Post-Appsflyer actual
Cost per Install (₹) — Pre-Appsflyer estimated vs Post-Appsflyer actual
CPI Post-Appsflyer (₹)
Pre-Appsflyer Estimated
Appsflyer Go-Live
Meta Cost per FTD & First Trade (Mar–May 2025)
Post-implementation funnel cost comparison by month (₹)
Post-implementation funnel cost comparison by month (₹)
Cost per FTD (₹)
Cost per First Trade (₹)
Channel Deep-Dive · Twitter (X)
Twitter: Higher Cost, Higher Quality
Twitter’s acquisition costs were higher — but user quality told a different story. Strategic restructuring after June 2025 nearly halved CPCs.
Twitter: Higher Cost, Higher Quality
Twitter’s acquisition costs were higher — but user quality told a different story. Strategic restructuring after June 2025 nearly halved CPCs.
₹1.29CrTotal Spend Jun–Sep ’25
10,524Total Installs+Volume
528First Trades Generated
5.02%Install-to-First-Trade CVRQuality
₹24,400Average CACPremium
Twitter: CPI Trend (Feb–Sep 2025)
CPI rose as quality increased, then stabilized post-June restructuring
CPI rose as quality increased, then stabilized post-June restructuring
CPI (₹)
Platform Optimization Shift
Strategic Insight
Twitter’s 5.02% install-to-first-trade rate demonstrates that lower CPI isn’t always the right metric. Users acquired at a premium showed stronger downstream engagement — quality over volume.
Channel Deep-Dive · Affiliate
Affiliate: Volume with an Attribution Ceiling
50+ partners, 1,200–1,400 monthly traders — but attribution conflicts ultimately grounded the channel’s strategic potential.
Affiliate: Volume with an Attribution Ceiling
50+ partners, 1,200–1,400 monthly traders — but attribution conflicts ultimately grounded the channel’s strategic potential.
Monthly Affiliate Trader Volume (Oct 2024 – May 2025)
Bars turn amber when attribution discrepancies began escalating
Bars turn amber when attribution discrepancies began escalating
Monthly Traders
Attribution Issues Escalating
Why Affiliate Was Paused (Jun 2025)
Multiple attribution platforms generated conflicting results. The pause was a strategic decision to preserve measurement integrity — not a reflection of poor channel performance.
Channel Comparison
Performance Snapshot Across Channels
Each channel had distinct strengths, trade-offs, and optimization paths.
Performance Snapshot Across Channels
Each channel had distinct strengths, trade-offs, and optimization paths.
f
Meta
₹60–₹93CPI Post-Mar ’25
45%Peak Install→Reg
₹1,689Best Cost/FTD
ActiveStatus
Strongest beneficiary of Appsflyer integration. App campaign migration in March ’25 unlocked full-funnel optimization. Primary growth engine post-consolidation.
𝕏
Twitter (X)
₹1,226Avg CPI
5.02%Install→Trade CVR
₹24,400Avg CAC
ActiveStatus
Premium acquisition cost but superior user quality. CPC reduced ~50% post-June restructuring. Install-to-trade rate of 5.02% validates the quality thesis.
A
Affiliate
50+Partners
1,400Monthly Traders
HighVolume
PausedJun ’25
Exceptional volume delivery via Apptrove. Paused June 2025 due to attribution discrepancies. Reintroduction planned under unified attribution model.
Channel Performance Matrix
Indexed score 0–10: Volume · Cost Efficiency · Attribution Confidence · User Quality · Scalability
Indexed score 0–10: Volume · Cost Efficiency · Attribution Confidence · User Quality · Scalability
Meta
Twitter
Affiliate
Key Learnings
Four Principles That Shaped the Strategy
Lessons for building measurement-first growth engines.
Four Principles That Shaped the Strategy
Lessons for building measurement-first growth engines.
01Attribution Is the Foundation of Growth
Accurate measurement is a prerequisite for effective scaling. Once funnel visibility was established, performance improvements accelerated across every channel.
02Simplicity Can Improve Efficiency
Platform-level optimization simplified workflows and aligned teams. Some funnel visibility was traded for faster decision-making and reduced operational complexity.
03Volume Alone Is Not Enough
Affiliate campaigns proved that scale must be supported by trusted attribution. High-volume channels lose strategic value without measurement confidence.
04Quality Over Surface Metrics
Twitter’s higher CPI delivered better downstream outcomes. Optimize toward business results — not vanity metrics like click rates or surface-level CPI.
Business Impact
Beyond Performance: A Partnership That Scaled
Solving attribution built trust. That trust opened seven new channels and global market expansion.
Beyond Performance: A Partnership That Scaled
Solving attribution built trust. That trust opened seven new channels and global market expansion.
Core Outcomes
Attribution confidence established across all channels
Scalable growth on Meta and Twitter simultaneously
Stakeholder confidence in reported performance data
Sustainable framework for future market expansion
Partnership Growth
Trust earned through measurement discipline led to scope expansion across seven new initiatives:
Telegram Acquisition
Reddit Campaigns
TikTok Advertising
Google Programs
Global Branding
Influencer Partnerships
International Expansion
Looking Ahead
The Roadmap for Phase Two
With attribution solid and channels optimized, the next phase focuses on diversification, international scale, and affiliate reactivation.
The Roadmap for Phase Two
With attribution solid and channels optimized, the next phase focuses on diversification, international scale, and affiliate reactivation.
📈
Meta & Twitter Scale
Structured funnel optimization to improve CVR at each stage while increasing overall acquisition volume.
🌐
Reddit & Telegram Pilots
Diversifying acquisition sources to reduce channel concentration risk and reach new user segments.
🌍
Global Branding Campaigns
Supporting performance and brand campaigns in emerging international markets with localized creative.
🔄
Affiliate Reactivation
Re-introducing affiliate marketing under a unified attribution model that eliminates historical reporting discrepancies.
PixelMint Media
Performance Marketing · Attribution · Growth Strategy · Oct 2024 – Sep 2025