Vortex Engineering Pvt. Ltd., the makers of Ecoteller mini Automated Teller Machines (ATMs), is planning to raise $3 million to $5 million from the existing investors to meet its expansion programme.
“We are in the final stages of discussion with the existing investors. We will use this fund for product development, overseas business expansion plan and capacity expansion. Currently, we are producing 6,000 ATMs in a single shift,” said Sathyan Gopalan, Vortex Engineering’s Chief Executive Officer.
The Chennai-based start-up firm has invested about Rs.100 crore in setting up its R&D lab and in production units in Chennai and Puducherry. It began its operations by producing Ecoteller ATMs. The range has been expanded with the addition of Ecoteller Mini and Ecoteller through the wall ATMs.
Ecoteller Mini
“Vortex rolled out Ecoteller Mini some three months back. We also demonstrated its capacity through mobile vans during the 2015 Chennai-floods. It is a Make-in-India product and it is the best example for bringing in semi-organised or unorganised workers into financial inclusion. It will come in handy for banks for dispensing cash in rural areas or in smaller towns such as Tiruppur, tea estates in Siliguri or in co-operative societies,” he said.
United Bank of India has already procured over 100 units of Ecoteller Mini and the bank might procure 400 more. Besides, the product is undergoing trial runs with six to seven public sector banks, of which nearly five to six banks are likely to float tenders soon. Ecoteller through the wall ATMs are not familiar in India, he said.
“We are the first Indian firm to make Ecoteller Mini. Compared with conventional ATMs, it consumes 60W of power, does not need air-conditioning, requires less footprint as it could be placed as counter-tops or wall mounted, weighs 50 kg, runs on Linux and is Aadhar enabled. With the advantage of being the first mover, we expect a pick up in numbers,” he said.
“So far, we have made 3,500 installations in the country, of which 60 per cent are in semi-urban and rural areas. We have bookings for another 3,000 conventional ATMs. Nabard has placed orders for 1,000 units. On an average, the Indian ATM market is adding 25,000 to 30,000 ATMs annually. We hope to get a minimum of 10 to 15 per cent for Ecoteller Mini,” Mr. Gopalan said.
Last year, Vortex clocked a turnover of Rs.25 crore and this year it aims for Rs.42 crore. Currently, Vortex is present in 10 overseas markets and it plans to double it in two years by focusing on Africa, Middle East and neighbouring countries.
“We are aiming at a turnover of Rs.200 crore in three years, of which 25 per cent will come from exports. We have 230 people and the numbers might be doubled,” he said.
