Vortex Engineering
Vortex Engineering is the pioneer in low-power ATMs and is an India-based technology company incubated by IIT-Madras. Vortex manufactures self-service transaction systems (such as ATMs) for banks, independent ATM operators, and other financial institutions. Vortex also has its own tailor-made ATM Monitoring & Management Solution called Perfo.
Vortex's Global Market[change | change source]
Vortex ATMs have a global reach of up to 22 countries in Asia & Africa combined. As of March 2023, DR Congo, Djibouti, Ethiopia, Egypt, Ghana, Mauritania, Nigeria, R Wanda, South Africa, Tanzania, Uganda, and Zambia from Africa and Afghanistan, Bangladesh, Cambodia, India, Indonesia, Myanmar, Nepal, Philippines, Sri Lanka, and Vietnam from Asia are in its scope of business.
No. of Employees at Vortex[change | change source]
Vortex operates with 289 employees as of March 2023 (Corporate Office & Manufacturing Unit Combined). Employee count breakup is as follows: 46 working in the manufacturing facility in Chennai, 78 working in the corporate office at IIT-MRP, mainly in R&D, S/W & Finance functions, 120 working as field service engineers across India, and 45 working in sales and other field staff.
History[change | change source]
Incorporated on the 12th of March, 2001, Vortex Engineering is an innovative and leading provider of Automated Teller Machines (ATMs) and multi-vendor ATM management software products. Founded by Mr Kannan Laxminarayan, an alumnus of the IIT-Madras. Later the company was incubated by IIT-Madras.
In March 2009, when Vortex Engineering secured a seed capital infusion of Rs. 50 lakhs from the esteemed Aavishkaar Group. This injection of funds catalyzed the company's expansion and enabled it to further refine its products and services.
Major investors that includes reputable entities such as Aavishkaar, Tata Capital, Bamboo Capital, and IFC. Their first pilot deployment was for disbursal of NREGA wages through their ATMs in Tamil Nadu, in association with IIT Madras in 2008.[1]
They made their first major break through with the winning of an order for 545 ATMs including 300 solar powered ATMs from the State Bank of India.[2][3][4] Vortex ATMs are now currently used in almost all states of India. The total ATMs deployed across the globe had reached over 8000.
References[change | change source]
- ↑ "Archive News". The Hindu. 2008-11-23. Archived from the original on 2009-02-11. Retrieved 2016-12-01.
- ↑ "Archive News". The Hindu. 2010-03-12. Archived from the original on 2010-04-11. Retrieved 2016-12-01.
- ↑ "Vortex set to install 300 solar ATMs in rural SBI branches". Financialexpress.com. 2010-03-13. Retrieved 2016-12-01.
- ↑ "State Bank of India signs for 300 solar-powered ATMs". Finextra.com. Retrieved 2016-12-01.