Vortex Engineering is a leading provider of Automated Teller Machines (ATMs) and multi-vendor ATM management software products. Vortex has shipped over 10,000 ATMs across India, Africa and South Asia and Software products to complement ATM hardware. It has reported a turnover of Rs 51.64 crore in FY23.

The company to acquire 3,65,575 equity shares from Aavishkaar India Micro Venture Capital Fund, Aavishkaar India II Company, Aavishkaar Venture Management Services representing 48.5% of the equity stake in Vortex.

The transaction is expected to be completed within 30 days from the term sheet date, said the company.

Dinesh Nandwana, managing director & Group CEO of Vakrangee, said, “This is a strategic investment which will help the company to have a complete backward integration in place and thereby unlocking future growth opportunities, leverage the cost synergies and technology know-how. Our move into this acquisition is yet another validation to achieve our set targets of 3 lakh+ outlets along with minimum 15,000+ ATMs by 2030.”

“We plan to achieve 100% district level master franchisee coverage by March 2024. With this, our plan is to achieve a revenue target of $1 billion by 2030 along with a gross transaction value of more than $150 billion,” Vakrangee stated in the press release.

Vakrangee has become India's leading last mile distribution platform, offering a comprehensive physical and digital ecosystem across the country. Their services include real-time banking, financial services, ATM facilities, insurance, e-governance, e-commerce (including healthcare services), and logistics. With a focus on rural, semi-urban, and urban markets, Vakrangee is driving financial, social, and digital inclusion for the Indian population.

On a consolidated basis, net profit of Vakrangee surged 716.67% to Rs 0.49 crore on 14.69% increase in net sales to Rs 55.59 crore in Q1 June 2023 over Q1 June 2022.