SaaS startup Vendekin Technologies has raised Rs 8.5 crore in its pre-Series A round 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 firm further plans to expand into global markets such as the USA and Europe.
Founded in 2016 by Aroon Khattar, Vendekin Technologies provides its proprietary technology solutions to large multinational companies as well as helps small vending operators digitize their business. The company’s 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.
Vendekin currently operates in six countries including India, UAE, the UK, the US, Saudi Arabia and Oman and claims to have enabled over 2 million transactions worth $5 million to date. The platform has partnerships with OEM manufacturers in the retail, refrigeration and vending space such as SandenVendo, Nestle, Cantaloupe, Godrej, Elanpro, Vendiman, Instago among others.