LeRemitt Raises $1.25 Million In Seed Funding The newly raised funds will be directed towards areas including assembling a robust team, global expansion, enhancing product capabilities, and forging strategic partnerships
By Teena Jose
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LeRemittTM, a cross-border platform that streamlines financial transactions, has raised $1.25 mILLIOn in Seed funding led by Axilor Ventures. Capital A has co-invested in this round which also saw participation from angel investors such as Ram Govindarajan (Founder -Wizfreight) and Sumit Agarwal (Founder- Vyapar). The newly raised funds will be directed towards areas including assembling a robust team, global expansion, enhancing product capabilities, and forging strategic partnerships.
"As our world becomes more interconnected, there is a growing demand for efficient and secure cross-border solutions. Traditional remittance methods are burdened with high costs, slow processing times, and limited accessibility, creating significant challenges. These obstacles particularly impact MSMEs, which often lack the resources to navigate complex financial systems, leading to time-consuming operational hurdles on a day-to-day basis. LeRemittTM aims to reinvent cross-border business transactions, ensuring easy, hassle-free, and prompt international remittances," said Mahesh Barate, co-founder, LeRemitt.
Founded by Sheetal Jain, Mahesh Kumar Barate and Hari Ambati, LeRemittTM is a cross-border platform with a mission to empower businesses, especially MSMEs, in broadening their global presence, exploring untapped markets, and harnessing the boundless opportunities of international trade. The platform claims to envision establishing a cohesive ecosystem for global trade, uniting diverse stakeholders, cutting-edge technologies, and comprehensive services to facilitate seamless transactions between businesses across borders.
"Indian SMEs are expected to contribute to over 60% of the $1 Trillion export target by 2030. This will lead to a strong need for a cross-border payments layer for the SME segment, which banks typically underserved. LeRemittTM is building a new-age financial stack that will enable SMEs execute seamless cross-border trades and we are excited to be backing them," said Nandan Venkatachalam, principal, Axilor Ventures.
