The round also saw participation from Capital A along with other founders and angel investors.
The company said it will use the proceeds from the fundraise to bolster its team and expand globally while enhancing its product offerings.
Founded in 2022 by Sheetal Jain, Mahesh Kumar Barate and Hari Ambati, LeRemitt is a cross-border remittance platform which helps micro, small and medium enterprises (MSMEs) to send and receive payments, along with other services such as reconciliations and documentation of these transactions.
“This marks the first crucial step in LeRemittTM’s journey, as we embark on our vision to create an ecosystem for international trade, encompassing various stakeholders, technologies, and services,” said Jain, who is also the chief executive of the venture.
The Gurugram-based company also provides virtual global currency or multi-currency deposit accounts to help businesses hold, send or receive payments in different currencies.
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“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,” said Nandan Venkatachalam, principal at Axilor Ventures.Axilor Ventures is backed by IT industry veterans, including Kris Gopalakrishnan, SD Shibulal, Tarun Khanna, Srinath Batni, and Ganapathy Venugopal.
In the past several domestic fintechs have been looking at increasing their play in the cross-border payments space.
For instance, in July, last year Reserve Bank of India (RBI) approved products of four Indian fintechs after they tested acceptable under the second cohort of the regulatory sandbox for cross-border payments.
These fintechs included payment solution providers, Cashfree Payments and Fairex Solutions; financial services provider Nearby Technologies, which operates PayNearby, and neo-banking unicorn, Open Financial Technologies.
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