Vendekin Technologies Secures INR 8.5 Crore In Pre-Series A Funding
The fund raised will be used to strengthen R&D and technology teams to drive superior consumer buying experience at vending machines and micro markets.
Vendekin Technologies, an unattended retail technology solution, has raised INR 8.5 crore in pre-Series A funding round led by Better Capital, along with the participation of CP Gurnani's Family Office and Vineet Nayyar's Family Office. The fund raised will be used to strengthen R&D and technology teams to drive superior consumer buying experience at vending machines and micro markets.
"We are excited to have Better Capital as our strategic investor in our mission to revolutionize to digitize the unattended retail sector globally. We are also excited about our plan for India where we have launched our v-commerce platform which is spawning many entrepreneurs in the unattended retail space," said Aroon Khatter, founder and CEO, Vendekin Technologies.
Vendekin aims to expand into global markets such as USA and Europe, explore new areas of unattended commerce such as EV chargers, amusement parks, and laundromats. The company aims to grow its presence from 4000 to 50,000 machines and unattended kiosks by 2025. It currently facilitates around 1 million unattended retail transactions a month in India, claimed by the company in a statement.
"Vendekin is building a stripe-like infrastructure for unattended retail, and we are excited to partner with their team as they scale their proven stack to serve a global customer base," said Vaibhav Domkundwar, Better Capital.
Founded in 2016 by Aroon Khatter, Vendekin Technologies is a hardware-enabled SaaS company which aims to democratize the global unattended retail market. The company provides its proprietary technology solutions to large multinational companies as well as helps small vending operators digitize their business. Vendekin is currently operating in six countries including India, UAE, UK, US Saudi Arabia and Oman.
According to reports, the global market for vending is projected to reach $146.6 billion, growing at a CAGR of 1.3 per cent by 2027. In India, it is expected to grow faster at 14.9 per cent CAGR, growing its market ten times within this period.