'Making every Indian woman financially secure': This fintech platform for women raises $1.2 mn in seed funding from Vani Kola's Kalaari Capital
'Making every Indian woman financially secure': This fintech platform for women raises $1.2 mn in seed funding from Vani Kola's Kalaari Capital
LXME, India's leading financial platform for women, has successfully raised $1.2 million in seed funding. This significant investment round was led by Kalaari Capital through its CXXO initiative, which focuses on supporting ventures led by women entrepreneurs.
LXME is a pioneering fin-tech platform designed to empower women to make informed financial decisions. It offers a range of tailored products, including mutual funds, loans, prepaid shopping cards, financial education, and access to a community of like-minded women. With an addressable audience of over 560 million Indian women who have bank accounts, LXME aims to help them achieve better financial outcomes.
According to the company, the platform's vision is to assist Indian women in saving, spending, borrowing, and attaining financial independence through an all-in-one financial platform specifically designed for them. LXME's community, comprising over 400,000 women across various channels, stands as the largest finance-centric community for women in India today, the company claimed.
"This is a vote of confidence from investors validating what we have built at LXME. This fundraise, for us, is all about getting the right partners aligned with our vision and conviction. We are excited to have Kalaari Capital’s CXXO as our lead investor. It’s a significant milestone for LXME as we continue our mission to make every Indian woman financially secure and wealthy," said Priti Rathi Gupta, Founder of LXME.
Ridhi Kanoria Doongursee, Co-founder of LXME, added, "With a strong foundation in product and technology, our team is dedicated to building a robust financial ecosystem. This milestone highlights our commitment to innovation and empowerment, created for women by women."
Vani Kola, Managing Director of Kalaari Capital, commented, "LXME’s journey so far shows that Indian women are seeking a dedicated FinTech platform that goes beyond offering mere access. Its founders, Priti and Ridhi, understand this need. LXME's dedication to financial literacy and inclusion for women perfectly aligns with the core values of Kalaari and CXXO. We are excited to support their mission as they scale LXME into a trusted brand and financial powerhouse."
The funding round also saw participation from notable investors, including Yash Kela of Founders Collective Fund, Amaya Ventures, the family office of Amit Khanna, Capri Holdings, Aditi Kothari of DSP, Adiko Holdings, and others.
With the fresh capital, LXME plans to invest in brand building and user acquisition efforts across India. Additionally, the funds will be used to enhance the platform's technology and product stack, aiming to improve user experience and engagement.
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