Vortex Engineering, an India-based maker of rural cash machines (ATMs, pictured), has raised R370m ($6.9m) from a consortium including Tata Capital, the financial services division of the local conglomerate, as a new investor.
Alongside Tata through its Innovations Fund in the round, which is trying to raise R500m, were repeat backers Aavishkaar, a venture philanthropy firm, Bamboo Finance and Venture East.
Vortex has 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 and Corporation Bank.
Spark Capital was sole adviser.