The company said in a press release that the funds shall be utilized to meet its immediate growth requirements.

Managed by Tata Capital, the company's existing investors including Aavishkaar, Bamboo Finance and Venture East invested in the company.

Also read: Veteran entrepreneurs launch startup incubator 

Vortex holds many patents for the 100 per cent indigenously designed and developed Gramateller Duo ATM. It has already deployed more than 400 rural ATMs for the State Bank of India, and is deploying ATMs in rural and semi urban locations for other banks including Catholic Syrian Bank, IDBI Bank, Corporation Bank, etc.

Vortex is one among the 31 visionary companies selected as Technology Pioneers 2011 by World Economic Forum, and was a finalist of the Wall Street Journal Asia Innovation Awards 2010.

Vortex is also the latest entrant to the elite ‘Business Call to Action’ group, a global initiative that encourages private sector efforts to fight poverty, supported by several international organizations including the UN Development Programme (UNDP).