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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

January - 2012 - issue > Venture Beat

Vortex Engineering on the fast track of Growth with a Rs. 37 Crore Funding

ST Team
Monday, January 2, 2012
ST Team
Vortex Engineering, a Chennai based provider of Rural ATMs, has raised Rs. 37 crore in funding, as part of a planned Rs. 50 crore round. The round was led by Tata Capital and Aavishkaar and saw participation from the company’s existing investors, Bamboo Finance and Venture East. The funds would be used to meet Vortex’s immediate growth requirements. The investment saw Spark Capital donning the role of exclusive advisor. The company previously had raised seed funding from Venture East and Aavishkaar and an investment by Bamboo Finance.

Vortex was founded in 2001 by L. Kannan, and aims to provide ATMs and associated technologies for the rural and semi-urban areas. The company is changing the face of banking with its Gramateller ATMs. The ATM portfolio of the company includes Gramateller Indi ATM, Gramateller Duo ATM, and solar powered options for both these models. "In a way, our offering is very unique – there is no equivalent product/offering which suits non metro segments. However, we face competition from regular ATM vendors – NCR, Diebold, Wincor Nixdorf," says L. Kannan, Founder and CTO, Vortex. The company has already deployed more than 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, and more.

Vortex was selected as one of the 10 startups that would change your life by TIME is one of the 31 Technology Pioneers 2011 selected by World Economic Forum, and a finalist at the Wall Street Journal Asia Innovation Awards 2010.

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