LXME, India’s main monetary platform for girls, has efficiently raised $1.2 million in seed funding. This vital funding spherical was led by Kalaari Capital via 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 selections. It provides a spread of tailor-made merchandise, together with mutual funds, loans, pay as you go purchasing 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 accordance with the corporate, the platform’s imaginative and prescient is to help Indian girls in saving, spending, borrowing, and attaining monetary independence via an all-in-one monetary platform particularly designed for them. LXME’s neighborhood, comprising over 400,000 girls throughout varied channels, stands as the most important finance-centric neighborhood for girls 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 proper 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,” mentioned Priti Rathi Gupta, Founding father of LXME.
Ridhi Kanoria Doongursee, Co-founder of LXME, added, “With a powerful basis in product and know-how, our group is devoted to constructing a strong monetary ecosystem. This milestone highlights our dedication to innovation and empowerment, created for girls by girls.”
Vani Kola, Managing Director of Kalaari Capital, commented, “LXME’s journey up to now 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 girls completely aligns with the core values of Kalaari and CXXO. We’re excited to help 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 recent capital, LXME plans to spend money on model constructing and person acquisition efforts throughout India. Moreover, the funds shall be used to reinforce the platform’s know-how and product stack, aiming to enhance person expertise and engagement.
