- Targets USD 100mn (GTV) gross transaction value globally in unattended retail transactions by 2025
- Plans expansion into new global markets like USA and Europe
- To explore new avenues of unattended commerce such as EV chargers, amusement parks and laundromats
- The capital raised will be used to strengthen R&D and technology teams to drive superior consumer buying experience in vending machines and micro-markets
Vendekin Technologies, global pioneers in unattended retail technology solutions, today announced that it has raised INR 8.5 crores in a pre-Series A funding round. The round is led by Better Capital with participation from existing investors CP Gurnani's Family Office and Vineet Nayyar’s Family Office. The capital will primarily be used to strengthen R&D and technology teams to drive superior consumer buying experience at vending machines and micro markets.
The company further plans to expand into global markets such as USA and Europe, explore new avenues of unattended commerce such as EV chargers, amusement parks and laundromats as well as create a new channel of unattended retail in India through its one-of-a-kind V-commerce platform. It aims to power USD 100mn (GTV) gross transaction value globally in unattended retail transactions by 2025.
Founded in 2016 by Aroon Khattar, Vendekin Technologies is India's first hardware-enabled SaaS startup that is making waves globally in the unattended retail space. The company provides its proprietary technology solutions to large multinational companies as well as helps small vending operators digitize their business. The plug-and-play hardware solution, called Retrobox, can fit into any traditional vending machine without the need for 4G/5G, upgrading it to a smart, touch-less vending machine. The solution has been widely accepted by global players such as SandenVendo,Cantaloupe, Nestle to name a few.
The company has also recently launched the world’s first unattended retail aggregator platform called ‘V-commerce’ in India. This new platform is the first of its kind, one-stop solution anywhere in the world that brings consumers, vending machine operators, FMCG companies, vending equipment and technology providers and financiers on a common platform. Leading vending machine operators like Vendiman, Instago and Snackit and FMCG players like Coca Cola, Nestle, Godrej are a part of the platform.
Aroon Khatter, Founder and CEO, Vendekin Technologies said, “We are excited to have Better Capital as our strategic investor in our mission to revolutionize to digitize the unattended retail sector globally. The team at Better has steered several SaaS companies towards success in both domestic and international markets. We have a very special product in the unattended retail space and Better’s expertise will be instrumental in helping us gain market share 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. We already power the highest number of machines in the country, and you will see significant action from our side as we multiply this number many times over in the next few months.”
The global market for vending is projected to reach US$146.6 billion, growing at a CAGR of 1.3% by 2027. India, on the other hand, is expected to grow at a much faster clip at 14.9% CAGR, growing its market by 10 times within this period, as per a recent report by ResearchAndMarket. Vendekin aims to ride this wave and grow its presence from 4,000 to 50,000 machines and unattended kiosks by 2025. The company’s revenue has grown 400% year-on-year since 2020 and it currently facilitates around 1 million unattended retail transactions a month in India.
"Vendekin is building Stripe-like infrastructure for unattended retail, and we are excited to partner with Aroon and team as they scale their proven stack to serve a global customer base", said Vaibhav Domkundwar of Better Capital, an early backer of breakout SaaS & infrastructure companies like Teachmint, Stader Labs, Khatabook and Airmeet.
Vendekin currently operates in six countries including India, UAE, the UK, the US, Saudi Arabia and Oman and has enabled over 2 million transactions worth USD 5 million to date. The company has partnership with leading OEM manufacturers in the retail, refrigeration and vending space like SandenVendo, Nestle, Cantaloupe, Godrej, Elanpro, Vendiman, Instago etc. The company's early backers include CP Gurnani’s Family Office, Vineet Nayyar’s Family Office, Charudutta Palwe and others. To know more, visit: https://www.vendekin.com/
Founded in 2016 by Aroon Khattar, Vendekin Technologies is India's first hardware-enabled SaaS startup that is making waves globally in the unattended retail space. The company provides its proprietary technology solutions to large multinational companies as well as helps small vending operators digitize their business. The plug-and-play hardware solution, called Retrobox, can fit into any traditional vending machine without the need for 4G/5G, upgrading it to a smart, touch-less vending machine. The solution has been widely accepted by global players such as SandenVendo,Cantaloupe, Nestle to name a few.
The company has also recently launched the world’s first unattended retail aggregator platform called ‘V-commerce’ in India. This new platform is the first of its kind, one-stop solution anywhere in the world that brings consumers, vending machine operators, FMCG companies, vending equipment and technology providers and financiers on a common platform. Leading vending machine operators like Vendiman, Instago and Snackit and FMCG players like Coca Cola, Nestle, Godrej are a part of the platform.
Aroon Khatter, Founder and CEO, Vendekin Technologies said, “We are excited to have Better Capital as our strategic investor in our mission to revolutionize to digitize the unattended retail sector globally. The team at Better has steered several SaaS companies towards success in both domestic and international markets. We have a very special product in the unattended retail space and Better’s expertise will be instrumental in helping us gain market share 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. We already power the highest number of machines in the country, and you will see significant action from our side as we multiply this number many times over in the next few months.”
The global market for vending is projected to reach US$146.6 billion, growing at a CAGR of 1.3% by 2027. India, on the other hand, is expected to grow at a much faster clip at 14.9% CAGR, growing its market by 10 times within this period, as per a recent report by ResearchAndMarket. Vendekin aims to ride this wave and grow its presence from 4,000 to 50,000 machines and unattended kiosks by 2025. The company’s revenue has grown 400% year-on-year since 2020 and it currently facilitates around 1 million unattended retail transactions a month in India.
"Vendekin is building Stripe-like infrastructure for unattended retail, and we are excited to partner with Aroon and team as they scale their proven stack to serve a global customer base", said Vaibhav Domkundwar of Better Capital, an early backer of breakout SaaS & infrastructure companies like Teachmint, Stader Labs, Khatabook and Airmeet.
About Vendekin Technologies:
Founded by Aroon Khatter in 2016, Vendekin Technologies is India’s leading hardware-enabled SaaS company which aims to democratize the global unattended/unmanned retail market. The company provides its proprietary technology solutions to a rich depth of partners/customers. From customized private labelled technology solutions to large multinational companies to helping small vending operators digitize their business, Vendekin’s solutions are reliable, flexible and agile. With multiple patents in the US, UK, EU and India, Vendekin is at the forefront of innovation and development in the unattended retail industry.Vendekin currently operates in six countries including India, UAE, the UK, the US, Saudi Arabia and Oman and has enabled over 2 million transactions worth USD 5 million to date. The company has partnership with leading OEM manufacturers in the retail, refrigeration and vending space like SandenVendo, Nestle, Cantaloupe, Godrej, Elanpro, Vendiman, Instago etc. The company's early backers include CP Gurnani’s Family Office, Vineet Nayyar’s Family Office, Charudutta Palwe and others. To know more, visit: https://www.vendekin.com/
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