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.”
"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.