Chennai।Funds managed by Tata Capital, Aavishkaar and other existing investors invest Rs. 370 mn in Vortex Engineering Pvt. Ltd as a part of the current planned round of Rs 500 mn. Funds managed by Aavishkaar along with Bamboo Finance and Venture East are existing investors in the Company.

Vortex is the pioneer of Rural ATMs, which operate efficiently in no-frills locations in remote regions, at a fraction of cost of a conventional ATM while not compromising on the security and functionality of a traditional ATM. The Company holds many patents for the 100% indigenously designed and developed Gramateller Duo ATM. The company has already deployed more than 400 rural ATMs for State Bank of India, and is deploying ATMs in rural and semi urban locations for other banks including Catholic Syrian Bank, IDBI Bank, Corporation Bank, etc.

The company has been selected as one among the 10 start-ups that will change your life by TIME magazine, is one among 31 visionary companies selected as Technology Pioneers 2011 by World Economic Forum, and was a finalist of the Wall Street Journal Asia Innovation Awards 2010. Vortex is also the latest entrant to the elite 'Business Call to Action' group, a global initiative that encourages private sector efforts to fight poverty, supported by several international organizations including the UN Development Programme (UNDP).

The funds raised shall be utilized to meet the Company's immediate growth requirements.

Spark Capital was the exclusive advisor to this transaction.