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LeRemitt Founders
LeRemitt operating a cross-border platform that streamlines financial transactions, has raised $1.25 million in a seed funding round led by Axilor Ventures, with participated from Capital A and angel investors such as Ram Govindarajan (Founder -Wizfreight) and Sumit Agarwal (Founder- Vyapar).
Sheetal Jain, Mahesh Kumar Barate and Hari Ambati, co-founded LeRemitt with the aim of empowering businesses, including MSMEs, by streamlining overseas financial transactions, unlocking new growth opportunities, expanding global reach, and navigating the complexities of international trade.
According to the company's statement, The seed round would help the startup in building a robust team, global expansion, enhancing product capabilities, and forging strategic partnerships.
Mahesh Barate, Co-founder, LeRemitt- “The global trade market, valued at USD 32 trillion, offers abundant opportunities for growth and innovation. 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. LeRemitt aims to reinvent cross-border business transactions, ensuring easy, hassle-free, and prompt international remittances.”
Sheetal Jain, CEO & Co-founder, LeRemitt said, “This marks the first crucial step in LeRemitt’s journey, as we embark on our vision to create an ecosystem for international trade, encompassing various stakeholders, technologies, and services. With a goal to ensure smooth and efficient flow of goods and services, we prepare to unveil our first-ever service, cross-border remittance for B2B transactions, and we are confident that exciting times lie ahead. With Hari Ambati, our Co-founder & CTO, at the helm of our technology initiatives, we are crafting a seamless, state-of-the-art, and secure platform that will revolutionize how B2B transactions are conducted across borders.”
Nandan Venkatachalam, Principal at Axilor Ventures, who led this investment, commented “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 underserve. LeRemitt is building a new-age financial stack that will enable SMEs execute seamless cross-border trades and we are excited to be backing them.”
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