Vakrangee has entered into a binding term sheet with International Finance Corporation (IFC) on September 12, 2023 for acquisition of further 8.8% equity stake in Vortex Engineering. This is a strategic investment which will help the company to have a complete backward integration in place for ATM Business and thereby unlocking future growth opportunities, leverage the cost synergies and technology know-how. The transaction is expected to be completed within 30 days from the term sheet date. Cost of acquisition is Rs 3.33 crore.
Vakrangee is the unique technology driven company focused on building India's largest network of last mile retail outlets to deliver real time banking & Financial Services, ATM, insurance, e-governance, ecommerce and logistics services to the un-served rural, semi-urban and urban markets.
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