LXME, India’s main monetary platform for ladies, has efficiently raised $1.2 million in seed funding. This important funding spherical was led by Kalaari Capital by means of its CXXO initiative, which focuses on supporting ventures led by girls entrepreneurs.
LXME is a pioneering fin-tech platform designed to empower girls to make knowledgeable monetary choices. It gives a variety of tailor-made merchandise, together with mutual funds, loans, pay as you go procuring playing cards, monetary training, and entry to a neighborhood of like-minded girls. With an addressable viewers of over 560 million Indian girls who’ve financial institution accounts, LXME goals to assist them obtain higher monetary outcomes.
In keeping with the corporate, the platform’s imaginative and prescient is to help Indian girls in saving, spending, borrowing, and attaining monetary independence by means of an all-in-one monetary platform particularly designed for them. LXME’s neighborhood, comprising over 400,000 girls throughout numerous channels, stands as the biggest finance-centric neighborhood for ladies in India in the present day, the corporate claimed.
“It is a vote of confidence from traders validating what we’ve got constructed at LXME. This fundraise, for us, is all about getting the appropriate companions aligned with our imaginative and prescient and conviction. We’re excited to have Kalaari Capital’s CXXO as our lead investor. It’s a major milestone for LXME as we proceed our mission to make each Indian girl financially safe and rich,” stated Priti Rathi Gupta, Founding father of LXME.
Ridhi Kanoria Doongursee, Co-founder of LXME, added, “With a robust basis in product and expertise, our group is devoted to constructing a strong monetary ecosystem. This milestone highlights our dedication to innovation and empowerment, created for ladies by girls.”
Vani Kola, Managing Director of Kalaari Capital, commented, “LXME’s journey to this point reveals that Indian girls are searching for a devoted FinTech platform that goes past providing mere entry. Its founders, Priti and Ridhi, perceive this want. LXME’s dedication to monetary literacy and inclusion for ladies completely aligns with the core values of Kalaari and CXXO. We’re excited to assist their mission as they scale LXME right into a trusted model and monetary powerhouse.”
The funding spherical additionally noticed participation from notable traders, together with Yash Kela of Founders Collective Fund, Amaya Ventures, the household workplace of Amit Khanna, Capri Holdings, Aditi Kothari of DSP, Adiko Holdings, and others.
With the contemporary capital, LXME plans to spend money on model constructing and consumer acquisition efforts throughout India. Moreover, the funds might be used to reinforce the platform’s expertise and product stack, aiming to enhance consumer expertise and engagement.
