Tuesday, July 23, 2024

LXME Secures $1.2M Seed Funding to Empower Women in Fintech

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LXME, a fintech platform created specifically for women, has secured $1.2M in seed funding. The funding round was led by Kalaari Capital through its CXXO initiative, which supports startups led by women entrepreneurs. Other notable investors in this round include Yash Kela of Founders Collective Fund, Amaya Ventures, the family office of Amit Khanna, Capri Holdings, Aditi Kothari of DSP, and Adiko Holdings.

What Does LXME Do?

Founded by Priti Rathi Gupta and Ridhi Kanoria Doongursee, LXME offers financial products tailored for women. These products include mutual funds, loans, and prepaid shopping cards. The platform also provides financial education and has built a community of over 400,000 women. LXME’s mission is to help women make informed financial decisions, save, spend, borrow wisely, and achieve financial independence.

Investor Confidence

Priti Rathi Gupta, co-founder of LXME, expressed gratitude for the investors’ confidence, saying, “This fundraise is about aligning with partners who share our vision.” The funds will be used to enhance brand building and user acquisition efforts across India. LXME also plans to invest in its technology and product offerings to improve user experience and engagement.

Focusing on Brand-Building

The capital raised will help LXME enhance its brand presence and attract more women to its financial ecosystem. By leveraging the trend of digitization and democratization of financial products, LXME aims to make financial services more accessible to women across India.

Commitment to Innovation

Co-founder Ridhi Kanoria Doongursee highlighted the company’s dedication to innovation and empowerment, stating, “Our team is committed to building a robust financial ecosystem for women.” Vani Kola, Managing Director at Kalaari Capital, added, “LXME’s dedication to financial literacy and inclusion for women aligns with the core values of Kalaari and CXXO.”

Supporting Women Entrepreneurs

LXME $1.2M seed funding round comes at a crucial time for women entrepreneurs in India. According to a 2023 report by WinPe, funding for women-led startups decreased to 9.3% in 2023 from 14.7% in 2021. The CXXO initiative by Kalaari Capital aims to address this gap by investing in startups with women founders and providing mentorship and community support.

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