Vortex Engineering, a company focused on developing sustainable products for rural India, decided to develop an ATM to meet this segment’s banking demands. The ATM is powered by solar energy consumes just 4 per cent of the total energy that is required by a conventional ATM to function. It has the capability to serve Indian villages — indicating an opportunity for over half a million ATMs across the country.
IIT Madras worked in collaboration with Vortex Engineering to develop a low-cost and reliable solution that would address the concerns of the rural population. This solution took the form of a unique ATM meant exclusively for rural locations.
According to reports,IFC will invest $2 Mn in Chennai-based Vortex Engineering Private Limited. The company’ shareholders include Oasis Fund, Raymond Stata, VenturEast, Aavishkaar and Vishal Bharat Comnet.
Apart from India, company has also received orders to install ATMs in other countries in South Asia, East Asia and Africa.
Since the beginning of 2011, IFC has committed a total capital (debt and equity) of more than $500 Mn in India.