Vakrangee Limited, through its subsidiary Vortex Engineering Private Limited, has announced a significant new contract with UCO Bank. The agreement, officially disclosed to the stock exchanges on August 1, 2025, outlines a Service Level Agreement (SLA) to provide 300 Automated Teller Machines (ATMs) with full lifecycle support, including installation, operation, and maintenance. The total contract value is pegged at ₹12.81 crore, and the duration spans a seven-year term.

This development marks a strategic step forward for Vortex Engineering, strengthening its foothold as a leading domestic manufacturer and service provider in India’s ATM sector. The agreement is seen as a validation of Vortex’s technological prowess and deep-rooted commitment to indigenization through its Make-in-India aligned product offerings.

Scope of the UCO Bank Agreement

Under the SLA:

• Vortex will provide 300 new ATMs across multiple geographies in India.

• The ATMs will be covered under Annual Maintenance Contracts (AMCs) for a 7-year period.

• The contract's total monetary value stands at ₹12.81 crore, reinforcing its status as a key financial partnership in the public sector domain.

According to the company’s disclosure to the BSE and NSE, no related party transactions are involved, and neither the promoter group nor group companies have any interest in UCO Bank, which awarded the contract.

Strategic Significance

This new contract is critical on multiple levels:

1. Expansion of Reach: With over 14,000 ATMs already deployed across India, this contract pushes Vortex’s footprint even deeper into rural and semi-urban regions.

2. Support for Financial Inclusion: Vortex has long positioned itself as an enabler of last-mile banking accessibility, especially in underserved areas.

3. Domestic Innovation & Sustainability: Vortex’s focus on green ATM solutions, combined with indigenous R&D and local manufacturing, positions it well within the Atma Nirbhar Bharat framework.

Product & Technological Edge

One of the standout elements of Vortex’s strategy is the emphasis on technology-driven operational excellence. It has developed an in-house remote ATM monitoring system, PERFO, which is:

• Cross-platform and cross-vendor compatible.

• Enables real-time monitoring, predictive maintenance, and efficient fleet management.

• Ensures minimal downtime and cost-efficient performance, which are crucial in India’s demanding ATM deployment environment.

The company's technological leadership is further emphasized by its portfolio of 9 registered patents in ATM and cash dispensing technologies. These innovations represent Vortex’s core strength in delivering cutting-edge solutions while remaining cost-effective.

Support for Government Initiatives

Vortex’s solution framework strongly aligns with national priorities:

• Make-in-India: With all hardware and software being developed and manufactured domestically.

• Atma Nirbhar Bharat: Supporting local engineering talent and innovation.

• Financial Inclusion: Enabling rural and semi-urban populations to access basic banking services.

Vortex's ATMs are known for their energy efficiency, robust design, and customer-centric features, making them highly suitable for both urban metros and rural installations.

Vakrangee’s Broader Vision

As the parent company, Vakrangee Limited has been instrumental in driving the growth of its subsidiary. Vakrangee is one of India’s most prominent Last Mile Distribution Platforms, delivering real-time:

• Banking and Financial Services

• ATM & Insurance Services

• e-Governance and e-Commerce

• Logistics and Healthcare Services

Vakrangee operates through Vakrangee Kendras, physical outlets designed as “One-Stop Shops” for a range of digital and financial services. These are further complemented by their BharatEasy Mobile Super App, which serves as a digital backbone.

Vakrangee’s strategy combines physical and digital ecosystems to deliver services across India’s most remote areas. With the Vortex agreement, the company is taking another step forward in reinforcing its infrastructure to support India’s inclusive growth agenda.

Future Outlook

The contract win from UCO Bank, a major Indian public sector lender, is expected to serve as a model for similar collaborations in the future. With banks increasingly looking to expand their ATM networks to cater to India’s unbanked and underbanked populations, companies like Vortex stand at the forefront of this transformation.

Vortex’s ability to provide customized solutions, with long-term lifecycle support, will be a key differentiator in a competitive market.

The successful execution of this order will also bolster Vortex’s credentials in securing additional contracts from both public and private sector banks, especially those looking for cost-effective and energy-efficient solutions in India and other emerging markets.

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