Vortex Engineering, a pioneer in rural ATM technology, is set to raise about Rs 35-40 crore from a clutch of private equity players to fund its growth plans. The company is in talks with investors and expects the deal to close in a few months.

“So far we have raised about Rs 35 crore through private equity investments into our company. We are hoping to raise a sum as significant as this from a clutch of investors in the near term,” said V Vijay Babu, CEO, Vortex Engineering.

The investors include a mix of domestic and overseas private equity players apart from the World Bank arm-International Finance Corporation (IFC), which recently committed a $9 million equity investment in the company.

Vortex Engineering, which started off as a project incubated at IIT-Madras, develops and manufactures low-cost ATMs largely targeting the rural markets. These ATMs use very little power, can pick and disburse soiled notes also unlike regular ATMs and use biometric identification technology, making it ideal for use in rural and semi-urban region.