The International Finance Corporation (IFC) plans to make a minority equity investment of up to $2 million in Chennai-based Vortex Engineering Private Limited, an ATM manufacturer.
The company is currently raising funds to increase its production and for working capital requirements. The company CEO and director V Vijay Babu declined to comment.
According to IFC, the company has installed and plans to install ATMs in various rural and semi-urban areas across India. It has also received orders to install ATMs in other countries in south Asia, east Asia and Africa.
Vortex is founded by L Kannan, an expert on ATM design and currently the chief technology officer of Vortex. Apart from the founders, other shareholders in Vortex include Oasis Fund, Raymond Stata, VenturEast, Aavishkaar and Vishal Bharat Comnet.
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