LXME Secures $1.2M in Seed Funding Led by Kalaari’s CXXO

LXME Secures $1.2M in Seed Funding Led by Kalaari’s CXXO

LXME, a fintech platform designed exclusively for women, has raised $1.2 million in a seed funding round led by Kalaari Capital through its CXXO initiative. The CXXO initiative focuses on supporting startups led by women entrepreneurs.

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.

Founded by Priti Rathi Gupta and Ridhi Kanoria Doongursee, LXME provides tailored financial products such as mutual funds, loans, and prepaid shopping cards, alongside financial education and has a community of over 400,000 women. The startup aims to help women make better financial decisions, save, spend, borrow, and achieve financial independence.

The startup will use the raised capital towards brand building and user acquisition efforts across India. Additionally, LXME plans to invest in enhancing its technology and product stack to improve user experience and engagement.

Co-founder Ridhi Kanoria Doongursee highlighted the company’s dedication to innovation and empowerment, stating, “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.”

Kalaari Capital’s Managing Director, Vani Kola, echoed this sentiment, adding, “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.”

The funding round for LXME comes at a time when female founders in India are receiving a smaller share of venture capital funding. According to a 2023 report by WinPe, funding for women-led startups declined 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 as key decision-makers and providing mentorship and community support to these entrepreneurs.