Divya Agarwal
The approval advances LEXI’s mission to build intelligent trade and payments infrastructure for India’s exporters
New Delhi [India], June 24: Lexi Money IFSC Private Limited (LEXI) has received in-principle approval from the International Financial Services Centres Authority (IFSCA) to operate as a Payment Service Provider (PSP) at GIFT-IFSC, Gandhinagar. The approval positions LEXI among a select group of fintechs licensed to provide cross-border payment services from within India’s designated international financial hub.
The context: India’s $2 trillion export ambition
India’s combined merchandise and services exports are estimated at $860 billion in FY2025-26, according to the Ministry of Commerce and Industry. The Government of India has set a target of $2 trillion by 2030 — more than doubling the country’s export footprint in under five years.
Achieving that target is as much a financial infrastructure challenge as it is a trade policy one. International trade is structurally complex: exporters operate across multiple payment instruments and trade structures, each with distinct risk profiles, documentation requirements, and settlement timelines. Beyond the mechanics of the transaction itself, significant value routinely slips through the cracks — GST refunds delayed or left unpursued, export incentives and government rebate schemes unclaimed due to documentation gaps, and working capital tied up in receivables that take weeks to land. Much of this is a compliance and documentation problem: exporters who don’t have the right paperwork in place don’t just face delays, they forfeit entitlements. The platforms available to address this complexity were largely built for a different era — bank-heavy, paper-intensive, and dependent on the exporter staying on top of every step manually. As export volumes scale, this is not just an operational inconvenience — it is a structural drag on growth.
Founder perspectives
“The exporter’s problem is not payments in isolation — it is the entire experience of trading internationally,” said Dipender Bhamrah, Co-founder and CEO, LEXI. “FX uncertainty, compliance overhead, documentation complexity, missing out on schemes and incentives and much more — these are all symptoms of a system that was never designed for how modern trade works. LEXI is built from first principles to address them together. LEXI Money’s GIFT City licence completes the regulated layer that makes our platform credible for enterprise exporters and their banking counterparties.”
Ankush Mittal, Co-founder and COO, LEXI, added: “What has been missing for Indian exporters is a platform that understands how cross-border trade actually works — that payment terms, documentation requirements, and compliance obligations are not administrative details but core variables that determine when an exporter gets paid and how much they keep. LEXI is built with that understanding at its foundation. The IFSCA licence gives us the standing to operate within the formal banking and payments ecosystem — alongside correspondent networks and global counterparties — at the scale India’s export ambition demands.”
Why GIFT City matters
The IFSCA PSP framework affords LEXI structural capabilities unavailable to onshore-only payment providers: multi-currency settlement, access to global correspondent banking networks, and a regulatory regime aligned with international standards. For exporters operating across multiple markets, this translates to faster settlement, greater currency flexibility, and — critically — the compliance credibility that enterprise buyers and banking partners require before committing payment flows to a new platform.
The in-principle approval is the first regulatory stage. LEXI Money will progress to a Certificate of Authorisation (CoA) from IFSCA — the final licence required to commence operations at GIFT-IFSC — upon fulfilling the prescribed conditions.
About LEXI
LEXI is an AI-powered trade and payments platform for Indian exporters, specifically dealing in physical goods exports. LEXI Money has received in-principle approval from IFSCA to operate as a Payment Service Provider at GIFT-IFSC, Gandhinagar. LEXI is headquartered in India.
Media Contact: [email protected]
If you object to the content of this press release, please notify us at [email protected]. We will respond and rectify the situation within 24 hours.
