Convipay Inc. the end-to-end integrated intelligent vending solution, is pleased to announce its corporate name change to Vendekin Technologies Inc. The company has recently secured an undisclosed amount in a pre series A funding from an independent individual investor and embarked on a major rebranding exercise. The round was led by Kiran Karnawat, former CEO & MD, promoter at Taiyo Nippon Sanso K-Air India Pvt. Ltd., one of the top 5 companies in industrial gases in India.
The holistic exercise reflects major changes in product offering, market positioning and business strategy.
Vendekin at a glance:
The name Vendekin is a combination of the words 'vend' and the Sanskrit term 'Ekin' that means simple.
Established in 2016, Vendekin is focused on simplifying the entire vending eco-system with an integrated, holistic solution that benefits all stakeholders by:
1) Making cashless, touch-free product dispensing of beverages and other products a reality through cashless payment.
2) A comprehensive vending management system with supply chain alerts and analytical reports.
3) Providing invaluable data on consumer behavior and trends for businesses to strategize accordingly. This, while protecting consumer's privacy at all times.
4) Converting existing vending machines into intelligent vending machines at a fraction of the cost required to buy a new machine.
5) Achieving this sans internet connectivity if need be.
How it works
The hardware is installed in an existing vending machine while the app for both consumer and distributor is installed on the users' phone. Within seconds, the user gets their beverage, touch-free and digitally powered.
The multiple patent pending Vendekin Solution is an idea whose time has come on the backdrop of the forthcoming global automated and self-service retail boom. The scope for unmanned retail technology in a connected and globalized world is immense.
Aroon Khatter, CEO, Vendekin Inc., says: "Over the past year, our team has spent time understanding the hindrances to the growth of the vending and automated retail industry. We look forward to delivering value to our customers through continuous engagement with the stakeholders in the vending industry and focusing on rapid innovation."
Vendekin is a Praavega company. Praavega Systems is the country's first start up entrepreneurial platform dedicated to mentoring and growing startups. Vendekin, as part of Praavega startup ecosystem, has witnessed exponential success in its early stages and is now on its way to be a truly global business.
Anshoo Gaur, CEO and Founder of Praavega, also Chairperson and Co-founder Vendekin, points out: "In order to compete globally, startups need to deeply understand the domain, build a culture of innovation and generating IP, providing differentiated value and disciplined execution. These are the very aspects that set Vendekin apart."
According to Kiran Karnawat: "Vendekin has a solid as well as futuristic and innovative product, and I have no doubt it will grow from strength to strength."
Vendekin will utilize the funding to expand operations into U.S., Japan and Europe - three of the most mature markets for Vending Technology.
Anshoo Gaur is CEO and Founder of Praavega Systems, India's first startup Inculator[TM]. Praavega provides an entrepreneurial platform for accelerated startup success through its unique models and key growth exponentials .Prior to Praavega, Anshoo was the President and MD of Amdocs India, and has held a variety of leadership roles at EDS/MphasiS and Sabre Inc.
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