Mumbai-based fintech startup LXME has successfully secured $1.2 million in seed funding, spearheaded by Kalaari Capital. This investment aims to bolster the platform’s mission of fostering financial independence among women.

Kalaari Capital, led by Vani Kola, is known for its early investments in Myntra and Snapdeal. The investment was made through its CXXO initiative, which focuses on supporting ventures led by female entrepreneurs.

The funding round also included contributions from Yash Kela of Founders Collective Fund, Amaya Ventures (the family office of Amit Khanna), Capri Holdings, Aditi Kothari of DSP, Adiko Holdings, and other notable investors.

LXME plans to allocate the new funds towards brand building and user acquisition, targeting its community of over 400,000 women. Additionally, the startup will enhance its technology and product offerings to improve user experience and engagement.

Founded in 2020 by Priti Rathi Gupta, a former Managing Director at Anand Rathi, LXME is designed as a fintech platform specifically for women. The platform provides tailored financial products including mutual funds, loans, prepaid shopping cards, and financial education.

The startup targets India’s 280 million working women, within a larger addressable market of over 560 million Indian women with bank accounts. Gupta emphasized that this funding marks a significant milestone in LXME’s mission to secure and enrich the financial futures of Indian women.

Joining Gupta as co-founder in 2022 is Ridhi Kanoria Doongursee, a seasoned entrepreneur with two successful start-ups under her belt. Doongursee highlighted that LXME is a platform “created by women for women.”

A 2022 survey by LXME revealed that 98% of Indian women lack a solid retirement financial plan, and 91% do not independently invest their money. The survey also noted a widespread lack of confidence in investing in financial products like mutual funds, underscoring the need for LXME’s tailored solutions.

Vani Kola, Managing Director of Kalaari Capital, praised LXME for addressing a critical need in the market, stating, “Indian women are seeking a dedicated FinTech platform that goes beyond mere access. Its founders, Priti and Ridhi, deeply understand this need.”