Mumbai-based fintech startup LXME has achieved a significant milestone. It has successfully raised $1.2 million in seed funding that was led by Kalaari Capital and guided by Vani Kola. The fresh funding is being seen as a major step forward for the company as it is committed to empower Indian women to achieve financial independence.
Kalaari Capital is renowned for its early investments in major companies like Myntra and Snapdeal. It has backed LXME through its CXXO initiative that specifically supports ventures led by women entrepreneurs. Other prominent investors in the seed funding include Yash Kela of Founders Collective Fund, Amaya Ventures, Capri Holdings, Aditi Kothari of DSP and Adiko Holdings.
LXME was founded by Priti Rathi Gupta in 2020. He is a former Managing Director at Anand Rathi. He aims at LXME to provide women with the tools and knowledge required in making informed financial decisions. The platform offers a range of tailored products such as mutual funds, loans, prepaid shopping cards and financial education resources.
LXME will utilize the fund in enhancing its brand presence and expand its user base. As of now there are more than 400,000 women involved in the company. The funds will also be used in improving technology and product offerings.
Co-founder Ridhi Kanoria Doongursee stated that LXME is created by women for women. She joined LXME in 2022 and highlighted the unique understanding of the platform about the needs of its audience.
LXME conducted a survey in 2022 and it revealed that a 98% of Indian women lack a concrete financial plan for their retirement and 91% do not invest independently. Many respondents expressed lack of confidence in investing in financial instruments and indicated that a strong a user-friendly and women-centric financial platform is required.
