Vortex Engineering sees revenue spurt after $5 million funding

Private equity-backed ATM vending machine manufacturer Vortex Engineering is planning to expand its business nearly five times in the next three years after a $5 million capital infusion by existing investors. The money will be used to develop and market new products, including new ATMs that will allow users to withdraw money using Aadhaar.

“We have raised around $5 million from existing investors as part of a Series D round of funding. The money will help us grow fivefold,” said Sathyan Gopalan, chief executive officer at Vortex.The investors include International Finance Corporation (IFC), Tata Capital Innovations Fund, Aavishkaar, Ventureast and Oasis Fund. The company had raised the sum last year, but could not deploy it owing to uncertainties over demonetisation and the GST, which had an indirect and short-term impact on the ATM industry.

With the latest round of $5-million Series D funding, Vortex Engineering has raised $10 million. A major chunk of the cash would be used to formulate new solutions and to strengthen overseas operations, Gopalan said. The company has developed Ecoteller, a four-cassette ATM. It has made a desktop ATM and named it "Ecoteller Mini".