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An innovative smart vending startup Wendor has raised $2.5 million in seed funding round. The massive investment in Wendor indicates the increase in the market’s interest in automated retail solutions and places it on the fast track to growth in the cashless vending segment.
Wendor is founded in 2017 by Lakshit Anand and they offer advanced vending machines on a SaaS platform. Real time intelligent product offering with stocked efficiently using Internet of Things (IoT), Artificial Intelligence (AI) technologies and machines dispensing a variety of products including snacks, beverages. Wendor has since deployed 1,200 web-based touchscreen kiosks to 60 cities and hopes to sell 15,000 machines in the next five years.
One of Wendor’s latest developments includes strategic alliance it has with Elanpro, a leading commercial refrigeration company. Elanpro announced that it has acquired Wendor, which means that the company has embedded itself in the regional retail industry, which is transitioning towards the AI and IoT enabled products and services. As a result, Wendor will benefit from Elanpro’s network and knowledge from the food and beverage retail sector, helping the company to develop rapidly in the cashless, 24/7 vending market. The collaboration will help it expand the market, boost sales and service support, improve logistics and finance functions as well as marketing infrastructure. We promise to help Wendor in the setup of manufacturing and coping up with regulatory changes on BIS Standards. According to the two companies, this partnership is expected to get revenue of Rs 20 crore annually by FY26.
Sanjay Jain, Director, Elanpro, expressed enthusiasm about the partnership, saying that convenience followed by automation is changing the face of Indian retail experience. The trend towards cashless transactions and tech driven solutions is in sync with the Indians’ mentality and we expect significant, long term growth opportunities in the vending retail market.
A unique way of reaching automated retail through the same Wendor, enjoying strategic partnerships and huge funding is what makes the company poised to disrupt the vending machine industry in India and the globe over.
In conclusion, Smart vending Network secured $2.5 million in seed funding to expand their network. Lakshit Anand founded the company in 2017 which makes use of IoT and AI for automated vending machines. The coming together of these two companies will accelerate market presence, sales and support, aiming to post Rs 20 crore revenues by FY26 in India’s nascent market of automated retail.
