Vortex Engineering designs and deploys low-power ATMs (Gramateller) tailored for semi-urban and rural locations, developed in collaboration with IIT Madras. The company holds patents for the indigenously designed Gramateller Duo ATM and emphasizes security and traditional ATM functionality while lowering operating costs for remote deployments. Vortex has deployed more than 400 rural ATMs for State Bank of India and is deploying machines for other banks including Catholic Syrian Bank, IDBI Bank and Corporation Bank. It raised Rs 37 crore from investors including Tata Capital and existing backers Aavishkaar Venture Management, Bamboo Finance and Venture East as part of a planned Rs 50 crore round. Tata Capital invested through its Tata Capital Innovations Fund, a SEBI-registered domestic venture capital fund, and Spark Capital acted as the exclusive advisor to the transaction. Leadership includes founder and CTO L Kannan and CEO V Vijay Babu, and the board features Ray Stata, Jean-Philippe de Schrevel and Arun Diaz. Vortex Engineering manufactures and installs low-cost ATMs targeted at rural and semi-urban banking needs in India and other countries in South Asia, East Asia and Africa. Its ATMs do not require air conditioning, are powered by solar energy and consume less than 72 units per month — about 4% of a conventional ATM — saving roughly 1,728 units monthly. The Vortex machine costs approximately Rs 2–3 lakh versus more than Rs 5 lakh for a conventional ATM. The company was founded by L. Kannan, who is currently its chief technology officer. Prior to the current transaction, Vortex received funding and support from venture firms including Oasis Fund, Aavishkaar and VenturEast. With the planned infusion from IFC, Vortex intends to scale installations of rural ATMs and enhance basic banking services such as cash withdrawal and bill payment.

Total raised

$9M

Funding rounds

2

Latest round

Equity

Latest activity

Dec 2011