LXME GULLUCK: First-of-its-kind Digital Saving Tool for Women
LXME, India’s first financial platform for women, in partnership with DSP Mutual Fund, launches LXME's GULLUCK - a first-of-its-kind product in India that enables women to become Smart Savers of tomorrow. Designed with utmost focus on ease and accessibility, this product provides the perfect solution to a commonly observed women behavior that has come to light.
As per LXME’s Women & Money Report 2022, it was found that 65% of women in India save their money in a Saving Bank Account and over 35% women keep it at home for emergencies. Only a mere 16% invested it in financial instruments. With the findings, it became evident that women prefer to keep their money in locations that offer easy accessibility at all times.
LXME and DSP Mutual Fund partnered together to launch a product that is a perfect answer to this behavior while also passively introducing them to investments. LXME’s Gulluck, as the name suggests, serves as a digital piggy bank for women. Within the LXME App, users can conveniently deposit their savings which will be invested directly in Mutual Funds. As and when the need arises, this product allows users to withdraw their funds instantly, without any exit load charges - for all withdrawals made after 7 days of the initial investment.
While women are instinctively great money managers and multi-takers, they often don’t have easy access to newer offerings. Hence, understanding how women think differently about money, and then introducing products that are intuitive to a woman’s needs and goals is the need of the hour. With the launch of LXME's GULLUCK, both LXME and DSP Mutual Fund empower women to make informed decisions and secure their financial future.
The Gulluck Ad campaign aims to highlight a prevalent cultural nuance in an endearing way, where Indian women tend to hide their money in unconventional places. While their intention is to save for the future, they are unaware that such hidden savings only diminish in value over time. LXME and DSP Mutual Fund join forces to raise awareness among women and provide them with a simple and secure solution for worry-free savings. The campaign's tagline, "Darling, Savings mein Don't Be Silly" captures the sentiment perfectly, drawing attention to the need for smarter financial choices.
To maximize its reach, the campaign will be promoted across various digital media platforms, supported by engaging activities planned on LXME's social media handles until mid-July 2023.
Speaking on the launch, Priti Rathi Gupta, Founder at LXME, said, “Our experience and learnings from over 2 lakh women customers revealed a common trend: saving money is an important goal for women, however they tend to save their hard-earned money in traditional investment instruments that fail to outpace inflation. At LXME, our mission is clear – to introduce tailored solutions exclusively designed for women, transforming them into Smart Savers & Investors. By providing guidance and support, we empower them to take their first steps into the world of Mutual Fund Portfolios.”
Aditi Kothari Desai, Vice Chairperson at DSP Mutual Fund, said, “Our latest Winvestor Pulse survey showed that women lag behind men when it comes to taking independent investment decisions and in early education about investing. We are pleased to work together with LXME on a solution that can be an essential first step for women towards making a smarter decision with their hard-earned money and encourage them to make better investing decisions going forward.”