LeRemitt: Democratizing Global Trade for India's 63 Million MSMEs

In the grand narrative of "Viksit Bharat 2047," the heroes are often hidden in plain sight. India is home to approximately 6.3 crore (63 million) MSMEs—a staggering number that forms the backbone of the national economy and contributes nearly 48% of India's merchandise exports. Yet, for these small business owners, the leap from local trade to global markets is fraught with a "remittance tax" that large corporates simply don't have to pay. While a multi-billion dollar entity enjoys direct interbank rates, a small exporter in a tier-2 city is often forced to negotiate manual Forex margins with a bank relationship manager, frequently losing 1.2% to 7% of their hard-earned revenue to opaque fees and institutional friction.

Enter Sheetal Jain, the co-founder of LeRemitt. A veteran of the Indian financial system with decades of experience at organizations like IndusInd Bank and Probe42, Sheetal recognized that the "missing middle" of India’s trade ecosystem was being left behind by traditional banking infrastructure. By founding 6.3 Technologies Private Limited (the parent company of LeRemitt), she and her co-founders Mahesh Kumar Barate and Hari Ambati are digitizing the cross-border payment journey. With a transparent transaction-based model and a recent $1.25 million Seed round led by Axilor Ventures and Capital A, LeRemitt is proving that the future of global trade isn't just for the giants—it belongs to the 63 million.

The Genesis: Seeing the Data Behind the Disparity

Sheetal Jain’s entrepreneurial journey was forged in the data-rich corridors of **Probe42**, where she was a founding employee. There, she saw a sobering reality: out of India’s millions of entities, barely 6,000 had a turnover exceeding ₹1,000 crores. The rest were struggling with processes that were manual, cumbersome, and expensive.

"I had seen the data very closely," Sheetal recalls. "I wanted to build systems for MSMEs so that their processes get eased out. Cross-border was the space for us because the challenges are multiple—from buyer-seller discovery to RBI documentation and high cost of remittances. We wanted to focus on the export market specifically."

Sheetal combined her data-driven insights with the deep banking expertise of her co-founder, Mahesh, who was previously her client at IndusInd Bank. Together, they realized that while large corporates have "Relationship Managers" to handle their global nuances, MSMEs need a **Platform** that automates trust and transparency.

The Problem: The Invisible "Negotiation Stress"

For a traditional MSME exporter, receiving a payment from overseas is often the most stressful part of the month. "As soon as your payment hits, you have to speak to your relationship manager and try to get the best rate possible," Sheetal explains. "You are negotiating on something you don't even understand because you don't know the actual interbank rate. You are essentially paying a high 'convenience fee' for a process that is entirely opaque."

Furthermore, small invoices (the $1 trillion global segment) are often ignored by big banks because they are too small to underwrite profitably but too complex to handle manually at scale. This leaves MSMEs with high remittance costs and zero visibility on where their money is in the global banking pipes.

The Innovation: The Virtual Global Account

LeRemitt’s core technical innovation is its ability to bridge global and Indian payment systems. By providing MSMEs with virtual accounts in the geographies where their buyers are located (e.g., US, UK, EU), the platform turns an "international wire transfer" into a "local transfer" for the emitter.

"It helps in two ways," says Sheetal. "One, it makes the transaction significantly faster and cheaper. Two, it gives the Indian MSME massive credibility. They can go to a new customer and say, 'I have a local bank account, just transfer the funds there.' You are no longer talking about international complexity; you are talking about local convenience."

Trust and Compliance: The NBFC-P2P Backbone

In the world of cross-border finance, trust is the only currency. Sheetal is quick to point out that LeRemitt operates under the OPGSP (Online Payment Gateway Service Provider) framework of the RBI. "At no point in time are we touching your money," she clarifies. "The money stays in the regulated banking domain. We are providing the technology layer that makes the process transparent, secure, and compliant with all Indian and international regulations."

This commitment to security is reinforced by the team's composition. With all three founders bringing 25+ years of financial sector experience, the "Bank-grade" standard is baked into every line of code. They rely on referrals and partnerships with Export Promotion Councils and industry associations to grow, rather than the high-CAC social media ad-spend common in the B2C world.

Sheetal's Advice: Freedom of Thought in Building

Reflecting on her transition from a corporate career to building LeRemitt, Sheetal emphasizes the "Freedom of Thought." While she has always been an "entrepreneurial" employee at Probe and Science, having her own venture allows her to build towards a specific "North Star" without the constraints of an existing series-stage legacy.

Conclusion: Crossing the Border of Possibility

Sheetal Jain’s vision for LeRemitt is to turn the "Black Box" of international trade into an open door for every small business in India. By focusing on the 6.3 crore entities that are often ignored, LeRemitt is ensuring that the "Small Invoice" is no longer a small priority. As India moves toward its goal of a $5 trillion economy, platforms like LeRemitt will be the vital conduits that ensure the wealth of the nation flows from the ground up. In the age of digital trade, Sheetal Jain is proving that borders are merely lines on a map, and with the right technology, every MSME has the power to cross them.