Fintech

Women-focused fintech firm Lxme raises $1.2 million in seed funding

• ByStartupStory     |    June 25, 2024

LXME, the pioneering fintech platform tailored for women, has successfully raised $1.2 million in its latest seed funding round led by Kalaari Capital. This initiative was steered by Kalaari Capital’s CXXO endeavor, dedicated to investing in ventures helmed by women entrepreneurs. The funding round also witnessed enthusiastic participation from a consortium of investors including Yash Kela of Founders Collective Fund, Amaya Ventures, Amit Khanna’s family office Capri Holdings, Aditi Kothari from DSP, and Adiko Holdings, among others.

The investment marks a pivotal moment for LXME, which intends to utilize the capital primarily for enhancing brand visibility and expanding its user base across India. Additionally, the funds will bolster LXME’s technological infrastructure and product offerings, aiming to elevate user experience and engagement.

Vani Kola, Managing Director at Kalaari Capital, emphasized, “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.”

Priti Rathi Gupta, Founder of LXME, expressed her confidence in the backing from investors, stating, “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.”

Ridhi Kanoria Doongursee, Co-founder of LXME, highlighted the platform’s commitment to empowerment, remarking, “With a strong foundation in product and technology, our team is dedicated to building a robust financial ecosystem.”

Launched in 2021, LXME has rapidly emerged as a critical resource for women across India, offering a suite of financial products including mutual funds, loans, prepaid shopping cards, and comprehensive financial education. The platform boasts a thriving community of over 400,000 women, aiming to bridge the financial gender gap and empower more than 560 million Indian women with access to financial resources.

The investment from Kalaari Capital and other partners underscores LXME’s mission to redefine financial inclusion and empower women through innovative solutions tailored to their unique needs.

“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,” concluded Priti Rathi Gupta.

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