Vakrangee to acquire 48.5% stake in Vortex Engineering for Rs 18.43 crore
Vakrangee, a technology-driven company focused on building India’s largest network of last mile retail outlets, has entered into a binding term sheet with private equity investor Aaviskaar Capital to acquire 48.5% equity stake in Vortex Engineering, a leading provider of ATMs.
The transaction is expected to be completed within 30 days from the term sheet date.
Vortex has shipped over 10,000 ATMs across India, Africa, and South Asia. It also provides software products to complement ATM hardware.
The acquisition will help Vakrangee to have a complete backward integration in place, which means that the company will be able to manufacture its own ATMs instead of relying on third-party suppliers. This will give Vakrangee more control over the quality and pricing of its ATMs, and it will also help the company to reduce its costs.
In addition, the acquisition will allow Vakrangee to leverage Vortex’s technology and know-how in the ATM business. This will help Vakrangee to expand its ATM network and to offer new and innovative ATM-based services.
Dinesh Nandwana, Managing Director & Group CEO of Vakrangee, said, “The acquisition of Vortex is a strategic move that will help us to achieve our goal of becoming a leading player in the ATM business. We believe that this acquisition will give us a competitive edge in the market and will help us to grow our business sustainably.”
The acquisition is likely to boost Vakrangee’s growth in the ATM business and help it to become a leading player in the sector. The company currently has over 10,000 ATMs in operation, and it plans to expand its ATM network to 30,000 by 2030. The acquisition of Vortex will help Vakrangee to achieve this goal.
The acquisition is also a sign of the growing importance of the ATM business in India. The ATM market in India is expected to grow to $10 billion by 2025, and Vakrangee is well-positioned to capitalize on this growth.
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