UPI-Based ATMs Coming Soon! Vakrangee Plans Major Expansion With 3,000 New Deployments

On Tuesday, Vakrangee Limited said that it aims to add 3,000 more ATMs to its network by FY2025-26. The company will install UPI-based ATMs as part of its growth, making cash withdrawals easier and entirely cardless. More than 465 additional applications for the installation of new ATMs have already been received by the corporation. As of February 28, 2025, Vakrangee has 6,050 White Label ATMs, 76% of which were in Tier 4 and Tier 6 locations, enhancing financial accessibility in underserved and unserved areas.

Vortex Engineering Private Limited, which is now a subsidiary of Vakrangee, has been acquired, allowing for cost savings, backward integration, and the adoption of cutting-edge technologies. IIT-Madras-incubated Vortex, a leader in low-power ATMs, has nine patents, further solidifying its position in the "Make in India - Atma Nirbhar Bharat" campaign.

Vedant Nandwana, Managing Director of Vakrangee Limited, said that: "Our focus remains on bridging the financial accessibility gap in India. By deploying over 3,000 ATMs in the upcoming fiscal year, we aim to strengthen our position as a key player in financial inclusion and the ATM industry.".

"Vakrangee Kendra serve as a one-stop solution for various banking, insurance, e-commerce, and financial services. The planned ATM expansion will not only enhance cash availability but also contribute to the company's broader vision of providing seamless digital and physical banking experiences under one roof," MD said.

"The expansion is expected to benefit millions of customers, especially those residing in Tier 4 to Tier 6 cities, where access to traditional banking infrastructure remains limited. Vakrangee strategic partnerships with banking institutions and regulatory bodies will ensure smooth implementation and adherence to financial security standards," Vedant Nandwana further added.

Eighty-one percent of Vakrangee's 22,395 Vakrangee Kendra Outlets are located in Tier 4 and Tier 6 areas. A wide range of banking, insurance, ATM, financial services, and assisted e-commerce products and services are only available at Vakrangee Kendras.

Vakrangee Limited recently entered into a strategic partnership with Aditya Birla Health Insurance Company Limited (ABHICL), which enables healthcare insurance services via the extensive network of Kendra's. This partnership will help increase access to comprehensive health insurance services, especially in regions that are lacking remote parts of the country. The collaboration aims to close the healthcare gap while ensuring that socioeconomic barriers are addressed, taking advantage of Vakrangee's stronghold in rural and semi-urban regions.

This development supports the company's mission to provide essential services to as many people as possible, while ABHICL's "Health First" approach aims to focus on wellness overall and accentuate preventative measures. Together, they will make significant strides in the efforts to fight against universal healthcare and add more quality services.

Removing Barriers To Health Access at the Community Level

Aditya Birla Health Insurance has been operational since 2016 with a focus on creating solutions that promote healthier habits through innovative insurance programs. In addition to conventional insurance, ABIHCL has a more extensive line of products such as HealthReturns, chronic care management, and remote medical care through digital assessments. ABIHCL has over 12000 hospitals across the nation and has a presence in over 5000 cities, serviced cashless at the point of care.

This collaboration with Vakrangee corresponds with ABHICL's goal of penetrating as far as Tier 6 towns for effective community healthcare delivery. Additionally, the integration of ABHICL's health insurance offerings into Vakrangee's Next Gen Kendras, which acts as mega convenience stores, ensures that people from rural and semi-urban areas will be able to purchase health coverage more conveniently.

Fostering Economic Growth and Inclusion

This partnership which seeks to target the 81% of Vakrangree Kendras located in remote areas will enhance the accessibility of health insurance and financial services, ultimately serving to improve social welfare and inclusion. Additionally, it further drives the brand belief of 'AB Poori Duniya Pados Mein' (The whole world is your neighbourhood) as it furthers Vakrangee's business model of becoming a trusted physical and online superstore.

The partnership with ABHICL further underscores the use of marketing that works towards serving the bottom of the pyramid and enhances Vakrangee's role as a key provider of financial and healthcare services to underserved communities.
The Company's market capitalization is well over Rs 1500 crores. Life Insurance Corporation of India (LIC) held a 4.41% stake in the company as of December 2024 and Foreign Institutional Investors FIIs increased their stake from 2.74% to 2.82% in September 2024.

This collaboration with ABHICL demonstrates the commitment that Vakrangee has towards improving its services and cements its position as a key player in the critical services space in remote areas.