LXME Founders (L-R): Priti Rathi Gupta, Ridhi Kanoria Doongursee
THE OPPORTUNITY
Today, Indian women not only mean business – they are also good business.
Helping 560M women achieve financial independence is GREAT business.
Indian women are earning more than ever before. Thanks to increasing urbanization, globalization and digitization, female workforce participation in India reached an all-time high of 37% in 2023. It had a positive impact on the amount of wealth managed by Indian women.
- 560M bank accounts in India are held by women. 260M of which have opened since 2014.
- Over $46B are held by women in Fixed Deposits alone.
But women still lag behind men in financial literacy. This, in turn, has a knock-down impact on the returns their financial investments make.
It is estimated that, on an average, an Indian woman loses close to ~INR 4 crores across a 35-year career span because of sub-optimal investment choices made by her as compared to her male counterpart.
As of late 2023:
- More than 90% of Indian women did not access new-age financial platform.
- Over 65% of women struggled to understand basic financial terms.
- Just 15% of women invested in financial instruments that outpaced inflation.
- Only 9% of women managed their finances independently.
A financial platform that makes women better money managers will unlock this exciting opportunity. We, at CXXO – a Kalaari Capital Initiative, are excited to announce our investment in LXME, as it embarks on its mission to become the all-in-one financial platform for all Indian women.
This investment underscores our conviction in the Fem-Tech sector, especially with women leaders at the helm of the company. Investing in women as founders is at the heart of what we do at CXXO. Financial independence for women is a massive agent for social good. What Team LXME is building has the potential to become a true gamechanger improving the lives of millions of women.
THE FOUNDING TEAM
Women building for women – the winning combination for LXME
LXME’s Co-founder, Priti Rathi Gupta, has spent over two decades at the Anand Rathi Wealth Management group. She came up with the idea for LXME as part of her business strategy project at Harvard Business School in 2018. Highly articulate and passionate, Priti draws upon her considerable experience in wealth management to lead growth and strategy for LXME.
As Co-founder of LXME, Ridhi Kanoria Doongursee drives product and tech; and has helped create a conducive digital space that is home to a thriving community. Prior to LXME, Ridhi launched and managed multiple ventures across ConsumerTech and FinTech. She is, at heart, a detail junkie who is obsessed with perfecting user experience.
Priti Rathi Gupta, Founder, LXME says, “We wish that women knew that they are born “money managers”. Women, generally, are risk-aware and disciplined. They tend to make informed decisions and stay calm under stress. These are positive traits for investing. From managing home budgets & saving money to becoming smart investors creating wealth – women can make this pivotal leap, thanks to LXME.”
THE UNIQUE APPROACH
LXME leverages community, education and personalization to the make women better money managers and earn higher returns.
LXME’s community of over 400K+ members across channels is the largest finance-centric community for women in India today. It includes women of all ages and demographics. From 18-year-old graduates to 50-year-old mothers – they are using the LXME platform to make better financial decisions.
THE WAY AHEAD
LXME aims to be the all-in-one financial platform for Indian women
With the current fundraise, LXME will invest in user acquisition efforts across India. It will also invest in upgrading the technology platform to improve user experience while also also doubling down on brand building to further boost engagement with its expanding community.
LXME’s vision is to help women save, spend, borrow through a single app that offers tailored financial products including mutual funds, insurance, and prepaid shopping cards, financial education and access to a community of like-minded peers. Its goal is to facilitate increased financial participation and better financial outcomes for India’s 560M+ women who have bank accounts.
Vani Kola, Managing Director, Kalaari Capital says, “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. We are excited to support their mission as they scale LXME into a trusted brand and financial powerhouse.”
We are excited to partner with Priti, Ridhi and the entire LXME team as they build India’s leading financial services platform for women. LXME will empower generations of women to take charge of their financial destiny with confidence and ease.
You can download the LXME app and follow them on Instagram.
Kalaari Capital is an early-stage, technology-focused venture capital firm based in Bengaluru, India. Since 2006, Kalaari has empowered visionary entrepreneurs building unique solutions that reshape the way Indians live, work, consume and transact.
The firm’s ethos is to partner early with founders and work with them to navigate the inevitable challenges of fostering ideas into successful businesses.
At its core, Kalaari believes in building long-term relationships based on trust, transparency, authenticity, and respect.
CXXO – a Kalaari Capital initiative educates, empowers & invests in emerging women entrepreneurs on their leadership journey. Established in 2021 with a mission to #LevelThePlayingField for female founder-CEOs, it strives to catalyze a transformative shift in the startup ecosystem through three primary pillars – Capital, Community, and Coaching.
If you are a female founder (or would like to refer a female founder) building an early-stage company, write to us at cxxo@kalaari.com