Funds managed by Tata Capital, Aavishkaar and other existing investors invest Rs 37 crore in Vortex Engineering Pvt Ltd, which is into developing ATMs for rural areas.
This is as a part of the present planned round of Rs 50 crore. Funds managed by Aavishkaar along with Bamboo Finance and Venture East are existing investors in the company.
Vortex Rural ATMs operates in no-frills locations in remote regions at a fraction of cost of a conventional ATM while not compromising on the security and functionality of a traditional ATM.
The company holds patents for the 100 per cent indigenously designed and developed Gramateller Duo ATM.
The company has already deployed over 400 rural ATMs for State Bank of India, and is deploying ATMs in rural and semi-urban locations for other banks including Catholic Syrian Bank, IDBI Bank, Corporation Bank.
The funds raised shall be utilised to meet the company’s immediate growth requirements.
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Spark Capital was the exclusive advisor for this transaction.
Vortex is led by entrepreneurs and IIT alumni L Kannan (founder and CTO) and V Vijay Babu (CEO).