Stock Report

Vakrangee Limited to acquire 8.8% stake in Vortex Engineering Pvt Ltd from IFC

Posted On : 2023-09-12 18:47:47( TIMEZONE : IST )

Vakrangee Limited (VL), has entered into binding term sheet with private equity investor International Finance Corporation (IFC) to acquire 8.8% equity stake in Vortex Engineering Private Limited (Vortex), in addition to the earlier acquisition of 48.5% from Aavishkaar Capital. This development underpins Vakrangee's commitment and investment in the ATM business vertical and support its journey to be a leading fintech player in rural Bharat.

Vortex Engineering is an innovative and leading provider of Automated Teller Machines (ATMs) and multi-vendor ATM management software products. With a strong foundation built on years of focused research & development, Vortex has revolutionized the ATM industry with its unparalleled cost-effective range of green ATMs to achieve the highest return on investment (ROI). Vortex world-class ATM Monitoring and Management software enables digital transformation of the ATM channel management at the lowest total cost of ownership (TCO) across the industry. Vortex is fostering financial inclusion globally by changing the face of selfservice banking with its reliable and sustainable range of products and solutions.

Commenting on the same, Mr. Dinesh Nandwana, Managing Director & Group CEO of Vakrangee Limited said: "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."

Currently, we are 4th Largest ATM operator in Rural India with 6,373 ATMs and our plan is to setup 15,000 ATMs. By 2030, we plan to have 100% Pan India coverage through our Physical Vakrangee Kendra outlet network along with BharatEasy Digital Mobile App. Our target is to reach 3 lakh + outlets along with Minimum 15,000+ ATMs. We are currently Building a Pan India District level Master franchisee network which would result in strong on-ground operational management as well as Higher scalability in future. We Plan to achieve 100% District level Master Franchisee coverage by March 2024. With this, our plan is to achieve a Revenue target of US$ 1 Billion by 2030 along with a Gross Transaction Value of more than US$ 150 Billion.

Shares of Vakrangee Limited was last trading in BSE at Rs. 16.79 as compared to the previous close of Rs. 17.96. The total number of shares traded during the day was 5695667 in over 6711 trades.

The stock hit an intraday high of Rs. 18.27 and intraday low of 16.62. The net turnover during the day was Rs. 97421698.00.