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Tata, Aavishkaar subscribe to $6.9m Vortex round

  • Susannah Birkwood
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Venture capital investors Tata Capital and Aavishkaar have participated in a INR370 million ($6.9 million) funding round for Indian ATM manufacturer Vortex Engineering.

Existing backers Bamboo Finance and Venture East also subscribed to the round, which forms part of the INR500 million capital increase targeted by the company.

Headquartered in Chennai, Vortex produces ATMs for remote relocations across India. Its clients include the State Bank of India - for which is has provided more than 400 rural ATMs - Catholic Syrian Bank, IDBI Bank and Corporation Bank.

Spark Capital acted as corporate finance advisor on the transaction, working with the company's founder and CTO L Kannan and CEO V Vijay Babu.

Members of Vortex's board include Ray Stata, founder of semiconductor multinational Analog Devices, Jean-Philippe de Schrevel, chairman of Bamboo Finance's Oasis Fund, and management consultant Arun Diaz.

Tata and Aavishkaar aren't the only investors to have been drawn to Indian ATM providers in recent months. Mumbai-based AGS Transact Technologies, which provides ATM services, received a $33.6 million investment from US private equity firm TPG in June, in exchange for a 20% equity stake.

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