Vendekin Technologies, which makes unattended retail technology solutions has raised Rs 8.5 crore in its pre-Series A funding round from Better Capital.
The round also saw participation from existing investors CP Gurnani’s family office( CEO of Tech Mahindra) and Vineet Nayyar’s family office (Former vice-chairman and MD of Tech Mahindra).
The company plans to use the funds to invest in its R&D and technology teams to improve customer experience in vending machines and micro-markets.
They also plan to expand globally into the United States and Europe, as well as explore new avenues of untraceable commerce such as EV chargers, amusement parks, and laundromats. The startup will also work on creating a new channel for unattended retail in India through its v-commerce platform.
Vendekin Technologies was founded in 2016 by Aroon Khatter, It is India’s first hardware-enabled SaaS startup that provides its proprietary technology solutions to large MNCs as well as helps small vending operators to digitize their business.
Their plug-and-play hardware solution, called Retrobox, can fit any traditional vending machine without the need for 4G/5G, upgrade it to a smart, touch-less vending machine, and allow Nestle and Could use at companies like Cantaloupe.
“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,” said, Aroon Khatter, founder and CEO, Vendekin Technologies.
Vendekin Technologies aims to power $100 million in gross transaction value globally in retail transactions by 2025.
“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. Better Capital is an early-stage supporter of breakout SaaS and infrastructure companies such as TeachMint, Stader Labs, KhataBook and Airmeet.
About Vendekin Technologies
The name Vendekin comes from the English word VEND and the Sanskrit word EKIN, which means SIMPLE.
Whether you’re starting out in the vending business or you want to improve your existing vending game, we are the one-stop shop for all things vending and unmanned retail.
Their solutions, inspired by a mobile first approach effortlessly synergize hardware & software to create a unique customer experience like no other.
With multiple patents in the US, UK, EU and India, Vendekin is at the forefront of innovation and development in the unattended retail industry.