Wendor Nets $2.5 Mn To Boost Its AI-Powered Vending Tech

AI-driven vending solutions provider Wendor has secured a strategic investment of $2.5 Mn (around INR 21 Cr) from commercial refrigeration company Elanpro, which now holds a 35% stake in the firm.

As part of this investment, which is a mix of equity and debt, Wendor will also get operational support from Elanpro, enabling it to leverage an extensive service and logistics network across India, the company said in a statement.

Wendor plans to use the fresh capital to boost its AI-powered vending technology, develop computer vision solutions and to strengthen its market presence both domestically and globally.

Apart from this, the proceeds would be deployed to bolster its AI-driven vending technology with camera-based product detection systems for real-time tracking, AI systems that predict what products will sell best and automation to improve the customer experience.

Founded in 2021 by Lakshit Anand, Wendor develops AI-powered vending machines with digital payment systems. It claims to have placed its vending machines at Rashtrapati Bhawan, Taj Mahal.

The company also claims to have brand partnerships with Coca-Cola, Amul, Nivea, Apollo Hospitals, Unilever and Fortis.

Wendor plans to launch ten experience centres across key metro and Tier I cities in the next two months. These centres will provide customers with hands-on interaction with the advanced vending solutions.

The startup also plans for overseas expansion, targeting markets like the Middle East and Southeast Asia.

India is seeing increased competition with several players offering smart vending solutions. Key competitors include Daalchini Technologies, known for IoT-enabled vending machines in corporate and transit sectors; NutriTap Technologies, which targets FMCG brands and Vendekin Technologies, specialising in touchless payments and AI-driven analytics. 

The Indian vending machine market is predicted to grow at a CAGR of 17.2% by the end of 2028 according to strategic consulting and market research firm, BlueWeave Consulting.

The market is expanding due to urbanisation, evolving consumer lifestyles, and the adoption of automated retail technologies. Smart vending machines, equipped with IoT and AI, offer real-time inventory tracking and cashless payments, enhancing user experience. 

Key deployment areas include corporate offices, public spaces like malls and airports, educational institutions, and healthcare facilities. Currently, snack and beverage vending machines lead the market.