31068 - Vortex

Who We Are
Who We Are

IFC is the largest global development institution focused on the private sector in developing countries. By encouraging growth, IFC advances economic development, creates jobs and improves the lives of people.
More About Us
About IFC

Our Leadership

Development Partners
Accountability

Learn more about accountability
Annual Report

Download the Report
What We Do
What We Do

IFC advances economic development and improves the lives of people by encouraging the growth of the private sector in developing countries. We achieve this by investing in impactful projects, mobilizing other investors, and sharing expertise.
What We Do Overview
SOLUTIONS

Our products and services
OUR PRIORITIES

Climate Business

Fragile & Conflict Afflicted Situations

Gender

Mobilizing Private Capital

Sustainability
SECTORS & EXPERTISE

Agribusiness & Forestry

Creative Industries

Education

Financial Institutions

Funds

Health

Infrastructure

Manufacturing

Public-Private Partnerships

Tourism, Retail & Property

Trade & Supply Chain Finance

Venture Capital

Working Upstream
Where We Work
Where We Work

As the largest global development institution focused on the private sector, IFC operates in more than 100 countries around the globe. We apply lessons learned in one region to solve problems in another.
Overview
By Region

Africa

East Asia and Pacific

Europe

Latin America and the Caribbean

Middle East and Central Asia

South Asia
Our Impact
Our Impact

Our impact improves lives. IFC brings a clear set of advantages to the world’s most challenging markets. Including a history of innovation, a global mandate, and a determination to achieve measurable development impact.
Our Impact Overview
PRINCIPLES & MEASUREMENT

Impact Investing at IFC

Measuring and Monitoring (AIMM)

Evaluation

Sustainable Development Goals (SDGs)

Owned by 186 member countries and consistently rated AAA/Aaa. IFC aims to achieve our mission of promoting development by providing debt and equity to the private sector, through a range of benchmark and bespoke products.

For Partners

For Investors

Get in Touch

Summary of Proposed Investment

Project Number

31068

Company Name

VORTEX ENGINEERING PRIVATE LIMITED

Date SPI Disclosed

Jul 6, 2011

Country

India

Industry

Financial Markets

Projected Board Date

Aug 30, 2011

Status

Completed

Sector

Microfinance and Small Business - Non Commercial Banking

Department

Global Industry, Financial Markets

Environmental Category

C - No Impact

Previous Events

Approved : Mar 9, 2012
Signed : Jun 8, 2012
Invested : Aug 7, 2012

Project Description

The proposed project involves an equity investment by IFC in Vortex Engineering Private Limited (“Vortex”) which develops and installs low cost ATMs across rural and semi-urban areas. Vortex is a pioneer in the development of ATMs that have low capital and operational costs, have a lesser power consumption as compared to conventional ATMs and are more suited for rural usage possessing the ability for biometric authentication, dispensing soiled notes and the capability to run on solar power.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	2.76

Development Impact

1. Increased access to finance in rural areas: The project is intended to increase access to finance; particularly basic banking services such as cash withdrawal and bill payment by installation of a large number of rural ATMs across India. These ATMs can potentially be used as a platform for transactions for other financial inclusion projects.
2. Greenhouse Gases savings impact: Vortex''s rural ATMs consume substantially less power than conventional ATMs and can be operated using solar power.
3. Demonstration effect: This project shall demonstrate a commercially viable model of domestically developed, technology enabled, low cost ATMs that can increase access to banking in previously unbanked areas through design of products tailor-made to suit the requirements of these areas and customer segment.

1. Sector Expertise: IFC''s presence shall support the company in developing relationships in the financial sector and in developing global best practices in the arena of technology led banking services, specifically for payment and remittance services.
2. Credible Long Term Partnership: IFC''s key role at this stage involves potentially attracting future partners by signaling an institutional endorsement for Vortex''s business model.

This project has been classified as a Category C project according to IFC’s Environmental and Social Review Procedure. Key risks and issues related to this category C project include the Company''s capacity, staffing and management systems to ensure that its projects and operations meet IFC Performance Standards, in particular:

Working conditions to ensure fair, safe and healthy working conditions for labor including employees and contract workers;
Procedures to ensure contractor compliance with applicable labor and safety laws;
Utilization of equipment and operational practices that maximize conservation of energy; and
Handling, storage and disposal of hazardous materials and hazardous wastes (such as e-waste, batteries, oil, capacitors etc.).

Contacts

For Inquiries About the Project, Contact

Mr. V. Vijay Babu
CEO and Director
Vortex Engineering Private Limited
14, Palayakaran Street, Ekkaduthangal, Chennai,
India – 600097

www.vortexindia.co.in

For Inquiries and Comments About IFC, Contact

General IFC Inquiries
IFC Corporate Relations
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
E Mail: Webmaster

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Development Impact

Similar Projects

Contacts

Projects

Summary of Proposed Investment

Project Description

Sponsor / Cost / Location

Project Sponsor and Major Shareholders of Project Company

Total Project Cost and Amount and Nature of IFC's Investment

Board Approved IFC Investment

Location of Project and Description of Site

Development Impact

Anticipated Impact Measurement & Monitoring (AIMM) Assessment

IFC's Expected Development Contribution

Environmental and Social Issues - Category

Press-Release

Related ESRS/ERS

Similar Projects

Contacts

Disclaimer