Vakrangee acquires 8.8% equity stake in Vortex Engineering

In order to purchase a 48.5 percent ownership investment in Vortex Engineering for Rs 18.43 crore, Vakrangee and private equity firm Aaviskaar Capital have signed a binding term agreement.

The deal is anticipated to close within 30 days of the term sheet date.

Aavishkaar India Micro Venture Capital Fund, Aavishkaar India II Company Limited, and Aavishkaar Venture Management Services Private Limited would sell 3,65,575 equity shares to the company, accounting for 48.5 percent of Vortex's equity interest.

Vortex is one of the leading providers of automated teller machines (ATMs), and so far has shipped 10,000+ ATMs across India, Africa and South Asia and Software products to complement ATM hardware.

“This is a strategic investment which will help the company to have a complete backward integration in place and thereby unlocking future growth opportunities, leverage the cost synergies and technology know-how. Our move into this acquisition is yet another validation to achieve our set targets of 3 lakh+ outlets along with Minimum 15,000+ ATMs by 2030," said Dinesh Nandwana, Managing Director & Group CEO of Vakrangee.