LXME, a fintech business based in Mumbai that aims to empower women financially, has acquired $1.2 million in seed funding. Leading venture capital firm Kalaari Capital led this round; it is well-known for its early investments in profitable startups like Snapdeal and Myntra. The investment was made under the CXXO programme of Kalaari Capital, which aims to assist businesses run by women entrepreneurs.
Targeting a Vast Market of Working Women
With 280 million working women in India and an even greater potential market of over 560 million Indian women with bank accounts, LXME hopes to capitalise on this sizable market. The platform’s goal is to give women financial independence by offering specialised financial services and products.
Participants in the Funding Round
Several eminent investors participated in the seed investment round in addition to Kalaari Capital. These include, among others, Aditi Kothari of DSP, Adiko Holdings, Capri Holdings, Amaya Ventures (Amit Khanna’s family office), and Yash Kela of Founders Collective Fund. The wide range of investors shows a great belief in the goals and possibilities of LXME.
Strategic Use of Funds
With the recently obtained funding, LXME intends to concentrate on user acquisition and brand development in order to grow its community, which presently numbers more than 400,000 women. In order to boost user experience and engagement, the funds will also be used to upgrade the platform’s technology and product stack. With this calculated investment, LXME hopes to further establish itself as a top finance platform catering to female users.
Founders with a Vision
Priti Rathi Gupta, a former managing director at the financial services company Anand Rathi, created LXME in 2020. Having worked in the capital markets for more than 27 years, Gupta founded LXME as a fintech platform specifically designed to assist women in making wise financial decisions. A variety of customised products, including loans, prepaid shopping cards, mutual funds, and financial education, are available on the platform.
In 2022, Ridhi Kanoria Doongursee became a co-founder alongside Gupta. Doongursee, the creator of two previous startups, provides the platform with further knowledge and insight. Their shared goal is to establish LXME as a platform that is “created by women for women.”
Addressing a Significant Need
A poll carried out by the firm in 2022, which found that 98% of Indian women had a clear retirement financial plan and 91% did not make autonomous investments, highlights the objective of LXME. The majority of respondents emphasised the need for a platform that makes investing easier and voiced a lack of confidence in investing in financial instruments like mutual funds.
A Milestone Achievement
“This is a significant milestone for LXME as we continue our mission to make every Indian woman financially secure and wealthy,” Priti Rathi Gupta remarked in response to the successful fundraise. The growth and success of the platform are largely driven by Gupta’s vision for LXME and her vast experience in the financial markets.
Investor Confidence
The investment’s justification was provided by Kalaari Capital’s managing director, Vani Kola, who said, “Indian women are looking for a dedicated finance platform that offers more than just access. This need is recognised by its founders, Priti and Ridhi.” This recommendation from Kalaari Capital emphasises how important and useful a platform like LXME is for the Indian market.
Final Thoughts
With its most recent funding round and the strategic investments slated for its expansion, LXME is poised to make major progress in the fintech industry. LXME is positioned to be a major participant in the market by focusing on the financial needs of Indian women and offering customised financial products. In addition to providing the required funds, the backing of Kalaari Capital and other investors endorses LXME’s strategy and goal. LXME’s growth would be essential in enabling Indian women to attain financial security and independence.
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